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Shiba Inu: Whale Transfers 4.25T SHIB, Is an Uptrend Incoming?

Joshua Ramos
Joshua Ramos
December 29, 2023
With Shiba Inu (SHIB) recently erasing one zero from its price, a top market analyst has uncovered the key target and support levels to watch out for going forward. Shiba Inu price erased one zero to trade at a 24-hour high of $0.00001462. Though the token had shown signs of an imminent rally for weeks, the current market momentum pushed its price to the highest level in more than 52 weeks. Judging by the current outlook, market analyst SHIB KNIGHT affirmed that Shiba Inu has surpassed all of his previous targets. To showcase the confidence in the current uptrend, SHIB KNIGHT dropped new targets and support levels to watch. Shiba Inu to $0.00001668? Per an accompanying price chart, the 3 targets and support levels unveiled are relatively bullish, as none of the latter targets shows a slump below the $0.00001 level. According to $SHIB KNIGHT, the current momentum might push Shiba Inu to $0.00001466, a price point that will slightly outpace the 52-week high. On a more promising basis, the analyst foresees SHIB soaring to $0.00001545, a level that is about 9.886% from the current level. SHIB KNIGHT is also optimistic Shiba Inu could rally as high as $0.00001668 and even beyond, per earlier projections. Though the potential timeline to achieve this feat was not highlighted, the projections have set the community on edge with pent-up anticipation of what to watch out for. Cautionary SHIB Note Amid the bullish targets, SHIB KNIGHT left room for unforeseen circumstances that might trigger a reversal in Shiba Inu’s uptrend. At the time of writing, Shiba Inu has maintained a 24-hour growth of 13.06%, taking its price and market cap to $0.00001409 and $8,285,705,642 respectively. Exactly $2,271,151,442 SHIB has been traded within the same time span. There are no guarantees that the market would not record a correction. Riding on this, SHIB KNIGHT pegged the first support level at $0.00001343 with a subsequent target of $0.00001306 if the selloffs persist. To cap his bullish disposition, the analyst believes the support zone at $0.00001258 is a formidable one for SHIB, a point at which another trend reversal might be recorded.

In a very interesting development for the Shiba Inu ecosystem, a whale has transferred an astronomical 4.25 trillion SHIB. Indeed, Whale Alert recognized the transfer that was worth a whopping $44.91 million. Interestingly, the transaction preceded one of similar size just a few days earlier.

Specifically, December 26th witnessed another Shiba Inu whale transaction take place. At that time, 2.28 trillion SHIB was on the move in a transfer that was worth more than $23 million. Those tokens were reportedly shifted from the Binance exchange into an unknown wallet. However, could the conjoining transfers be signs of greater price movement soon?

Also Read: Shiba Inu: What Will You Do If SHIB Reaches $0.01?

SHIB Whale Moves 4.25 Trillion Tokens in Massive $44 Million Transfer

Few digital assets boast the kind of community that Shiba Inu has. Indeed, the SHIB Army represents one of the strongest communities available to the market. Subsequently, they are seeking out a positive end to 2023 for the meme coin. Based on recent developments, that may well be in play.

Indeed, the Shiba Inu ecosystem recently identified one whale that transferred a remarkable 4.25 trillion tokens. Moreover, the transactions as worth more than $44 million as reported by the crypto tracking account on X (formerly Twitter) Whale Alert. What makes the development all the more interesting is that it occurred just days after another massive whale transaction occurred in December.

When Will Shiba Inu (SHIB) Delete a Zero From Its Price?

Also Read: Solana-Based BONK Overtakes Shiba Inu & Dogecoin Volumes

Shiba Inu is currently trading at $0.00001053 and is down 0.29% over the last 24 hours according to CoinMarketCap. However, that decline is not the same story that the asset has told over the last month. Specifically, SHIB has noted an increase of more than 26% over the last 30 days.

Additionally, rumblings have been occurring regarding the potential for the asset to add another zero to its price point. Subsequently, it is currently standing around the $0.00001 mark, which has immense psychological significance. IF it were to breach that support level, it could experience a more devastating downward fall. Conversely, surpassing it would mean an upward trend is in the works.

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