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Shiba Inu (SHIB) Whale Activity Surges More Than 240%

Joshua Ramos
Joshua Ramos
February 20, 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.

With the ecosystem primed to potentially receive a huge boost, Shiba Inu (SHIB) has seen its whale activity surge more than 240%. Indeed, large transactions have increased from 1.02 trillion to 2.48 trillion in the last 24 hours according to IntoTheBlock data.

Specifically, these whale transactions have skyrocketed by 243% and showcases what is a massive increase in activity. Moreover, the value of these large transactions surged from $9.97 million to an astronomical $24.25 million in just a single day. Subsequently, the Shibarium network has also seen a massive milestone reached amid the increased activity.

Shiba Inu
Source – Swyftx Learn

Also Read: Shiba Inu [SHIB] Forecasted To Hit 50 Cents: Here’s When

Shiba Inu Large Transactions Jump by More Than 1 Trillion SHIB in 24 Hours

Almost two months into the new year, 2024 has proven to be a positive one for the digital asset market thus far. Bitcoin (BTC) has confidently ascended beyond the $51,000 level, and Ethereum (ETH) has surpassed $3,000 for the first time in two years. Meanwhile, one of the most popular meme coins has also seen increases in some important statistical categories.

Indeed, Shiba Inu (SHIB) has seen whale transactions increase by more than 240% over the last 24 hours alone. Specifically, over the last day 44 transactions worth more than $100,000 have been recorded. Therefore, showcasing renewed interest from large-scale holders.

SHIBARIUM
Source – CryptoSlate

Also Read: Shiba Inu: SHIB Turns $3,600 Into $19 Million in 3 Years

Additionally, Shibariumscan has overseen a massive milestone reached by the ecosystem’s layer-2 blockchain, Shibarium. Specifically, the network has reached a new record in terms of its transactions. The number of transactions on the network has exceeded 360 million after two months of lessening transfers.

Moreover, daily transactions have also jumped noticeably for the Shiba Inu network. The figure has once again returned to the 3 million level, with that figure below one million at the tail end of last week. altogether, the data shows that interest and activity within Shibu has been at a good pace.

Currently, SHIB is trading at $0.0000096 and is down more than 1.5% over the last 24 hours according to CoinMarketCap. Although that figure is down, there is no denying the resolve of the SHIB Army. Especially as they have shown their desire to eliminate another key zero from its price. However, only time will tell if the $0.00001 level is in the cards for the meme coin.

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