Shiba Inu whale transfers 1.24T SHIB – Will this spark a 25% surge? – Crypto News – Crypto News
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Shiba Inu whale transfers 1.24T SHIB - Will this spark a 25% surge? Shiba Inu whale transfers 1.24T SHIB - Will this spark a 25% surge?

Cryptocurrency

Shiba Inu whale transfers 1.24T SHIB – Will this spark a 25% surge? – Crypto News

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1 year ago

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  • 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.

SHIB Spot Inflow/Outflow

Source: Coinglass

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.

SHIB Exchange Liquidation MapSHIB Exchange Liquidation Map

Source: Coinglass

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.

Shiba Inu (SHIB) price actionShiba Inu (SHIB) price action

Source: TradingView

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.

Next: Is Bitcoin’s 15% network activity drop a warning sign for traders?

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