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Shiba Inu: 800 Billion SHIB Moved, What Does it Mean?

Joshua Ramos
Joshua Ramos
January 29, 2024
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 what could end up being a massive development for the meme coin, Shiba Inu has seen 800 billion SHIB moved from different wallets. Indeed, the asset transfer could be done for a multitude of reasons. However, what could it mean for the token’s overall price?

Currently, Shiba Inu is trading at $0.00000919, and up more than 1% over the last 24 hours, according to CoinMarketCap. The asset has tried desperately to break through to the $0.00001 level since the turn of the new year. Subsequently, these whale movements could have important ramifications on that effort.

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

Also Read: Shiba Inu: AI Predicts SHIB Price For February 1, 2024

Shiba Inu Sees Billions On the Move as Fight to Eliminate a Zero Continues

Since the start of 2024, the digital asset market has not lived up to its massive expectations. Despite landmark regulatory shifts through the approval of Spot Bitcoin ETFs in the United States, a host of tokens have failed to gain any significant momentum. Among those is one of the most prominent meme coins on the market, SHIB.

However, that could be changing, especially amid the uptick in whale activity. Specifically, Shiba Inu has observed more than 800 billion SHIB tokens on the move, which could have implications on the price, despite the vast array of reasons why these tokens may be transferred.

shiba inu cloud rainbow sky shib

Also Read: Shiba Inu (SHIB) Forecasted To Reach $0.001: Here’s When

The movement was reported as having been rooted in transferring from different wallets, and to exchanges like Coinbase. These kinds of transfers are often rooted in liquidity action, consolidation, or sale preparation.

Altogether, Etherscan reports the two largest SHIB transactions included 221 billion SHIB and 204 billion SHIB respectively. These transferences took place from one wallet to another, with it likely being between the same individual.

Alternatively, an inflow of 307 billion SHIB to a Coinbase wallet was also significant. Indeed, the figure added to the overall Shiba Inu tokens being moved but also is likely to signify growing selling pressure at some point soon.

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