Shiba Inu [SHIB], the widely known and second-largest memecoin, has been drawing considerable interest from cryptocurrency enthusiasts amidst the current market volatility.
Big Crypto Whale Shifts 1.25 Trillion SHIB
Whale Alert, a blockchain-based transaction monitoring platform, recently disclosed that a large crypto whale had moved a substantial 1.24 trillion SHIB tokens from the Kraken exchange on February 6th.
The destination wallet for the SHIB transfer remains undisclosed as of now. Nevertheless, this transfer took place at a critical support level where SHIB has historically experienced price reversals.
In addition to this, there has been a noticeable increase in interest from long-term holders and traders in this memecoin, as highlighted by on-chain analytics company Coinglass.
Positive On-Chain Metrics for Shiba Inu
An analysis of SHIB’s Spot Inflow/Outflow data revealed that exchanges had a net outflow of $416K worth of SHIB after a continuous period of inflows. This suggests a potential accumulation phase underway.
This accumulation could potentially lead to increased buying pressure, propelling SHIB towards further gains in the market.
Moreover, current data indicates that traders with long positions dominate the market at present. At the price level of $0.00001558, long positions worth $300K were over-extended. Conversely, short traders held positions amounting to $103K at the $0.00001616 level.
It’s worth noting that these leveraged positions are susceptible to liquidation if the market undergoes significant movements in either direction.
Shiba Inu Price Movement and Future Levels
As of the latest update, SHIB was trading near $0.00001607, marking a slight decrease of 0.65% over the past 24 hours.
Technical analysis from CryptoCrypto suggests a bullish stance for SHIB, highlighting its position at a vital support level of $0.000015, a point that has historically triggered price reversals.
However, SHIB has been consolidating around this level for more than four days now.
Given the recent price trends and historical patterns, a successful hold above the $0.000015 support could potentially lead SHIB to surge by 25%, aiming for a target of $0.000021 in the upcoming period.
It’s important to note that SHIB’s price currently resides below the 200 Exponential Moving Average (EMA) on the daily chart, indicating a prevailing downtrend in the market.