#AICrashOrComeback
Shiba Inu Rally Incoming? 1.23 Trillion SHIB Transferred to Wallet
Amid ongoing market uncertainty, Shiba Inu (SHIB), the second-largest meme coin, has caught the attention of crypto enthusiasts with a significant transaction. On February 6, 2024, blockchain tracker Whale Alert reported on X (formerly Twitter) that a crypto whale moved 1.239 trillion SHIB tokens—valued at approximately $20.136 million—from the Kraken exchange.
Whale Transfers 1.23 Trillion SHIB
The recipient wallet address remains unidentified, but such large transfers, especially after a steep price decline, often suggest accumulation. The overall market sentiment remains bearish, as SHIB and other major cryptocurrencies have seen sharp declines in recent days.
Shiba Inu (SHIB) Technical Analysis and Key Levels
Following the recent market crash, SHIB has dropped over 35%, reaching a critical support level at $0.000015, historically known for price reversals.
According to recent price action and past trends, if SHIB holds this support, it could rally by 30% to hit the $0.000020 mark in the coming days. However, the current outlook remains uncertain due to ongoing economic tensions between the US, China, Canada, and Mexico.
Despite the downtrend, this level may present an attractive buying opportunity. SHIB is currently trading below the 200-day Exponential Moving Average (EMA) on the daily chart, reinforcing its bearish momentum.
Key Liquidation Levels
Market data from Coinglass shows that traders are over-leveraged at $0.0000155 on the lower side and $0.0000165 on the upper side, adding further volatility to SHIB’s price action.