- \n
- Exchanges have seen an outflow of $416K in SHIB, a strong signal of accumulation.<\/span><\/em><\/li>\n
- Data showed that bulls were dominating the memecoin at press time.<\/span><\/em><\/li>\n<\/ul>\n
Shiba Inu [SHIB]<\/a>, the popular and second-largest memecoin, was gaining significant attention from crypto enthusiasts despite ongoing market uncertainty.<\/span><\/p>\n
Crypto whale moves 1.25 trillion SHIB\u00a0<\/b><\/h2>\n
On the 6th of February, blockchain-based transaction tracker Whale Alert<\/a> posted on X (formerly Twitter) that a crypto whale had transferred a substantial 1.24 trillion SHIB tokens from the Kraken exchange.<\/span><\/p>\n
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.<\/span><\/p>\n
Additionally, long-term holders and traders are showing notable interest in the memecoin, as reported by the on-chain analytics firm Coinglass.<\/span><\/p>\n
Shiba Inu\u2019s bullish on-chain metrics\u00a0<\/b><\/h2>\n
SHIB\u2019s Spot Inflow\/Outflow revealed that after continuously witnessing inflows, exchanges recorded an outflow of $416K worth of SHIB, indicating potential accumulation. <\/span><\/p>\n
This could create buying pressure and drive further upside momentum.<\/span><\/p>\n
![\"SHIB](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/02\/image-2025-02-06T153821.442.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
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. <\/span><\/p>\n
Conversely, $0.00001616 was another key level where short traders were over-leveraged, holding $103K worth of positions at press time.<\/span><\/p>\n
![\"SHIB](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"SHIB](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/02\/image-2025-02-06T153652.506.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
However, these positions will be liquidated if the market moves in either direction.\u00a0<\/span><\/p>\n
Shiba Inu: Price action and upcoming level\u00a0<\/b><\/h2>\n
SHIB was trading near $0.00001607 at press time, having experienced a modest price drop of 0.65% in the past 24 hours.<\/span><\/p>\n
According to AMBCrypto\u2019s 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. <\/span><\/p>\n
However, the memecoin has been trading at this level for over four days.<\/span><\/p>\n
- Data showed that bulls were dominating the memecoin at press time.<\/span><\/em><\/li>\n<\/ul>\n
![\"Shiba](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2025\/02\/SHIBUSDT_2025-02-06_15-34-35-e1738836330906.png\")