Shiba Inu whale transfers 1.24T SHIB – Will this spark a 25% surge?
Shiba Inu could soar by 25% to reach $0.000021 if it holds itself above the $0.000015 level.
- Exchanges have seen an outflow of $416K in SHIB, a strong signal of accumulation.
- Data showed that bulls were dominating the memecoin at press time.
Shiba Inu [SHIB], the popular and second-largest memecoin, was gaining significant attention from crypto enthusiasts despite ongoing market uncertainty.
Crypto whale moves 1.25 trillion SHIB
On the 6th of February, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had transferred a substantial 1.24 trillion SHIB tokens from the Kraken exchange.
Until now, the wallet to which SHIB was transferred remains unknown. However, the transfer occurred at a crucial support level where SHIB has a history of price reversals.
Additionally, long-term holders and traders are showing notable interest in the memecoin, as reported by the on-chain analytics firm Coinglass.
Shiba Inu’s bullish on-chain metrics
SHIB’s Spot Inflow/Outflow revealed that after continuously witnessing inflows, exchanges recorded an outflow of $416K worth of SHIB, indicating potential accumulation.
This could create buying pressure and drive further upside momentum.
Meanwhile, data showed that traders holding long positions were dominating at press time. The $0.00001558 level was where long-position traders were over-leveraged, holding $300K worth of long positions.
Conversely, $0.00001616 was another key level where short traders were over-leveraged, holding $103K worth of positions at press time.
However, these positions will be liquidated if the market moves in either direction.
Shiba Inu: Price action and upcoming level
SHIB was trading near $0.00001607 at press time, having experienced a modest price drop of 0.65% in the past 24 hours.
According to AMBCrypto’s technical analysis, SHIB appeared bullish and was at a crucial support level of $0.000015 at press time, which has a history of price reversals.
However, the memecoin has been trading at this level for over four days.
Read Shiba Inu’s [SHIB] Price Prediction 2025–2026
Based on recent price action and historical momentum, if SHIB holds the $0.000015 support level, there is a strong possibility it could soar by 25% to reach $0.000021 in the future.
However, the asset’s price is still below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that it remains in a downtrend.
