Shiba Inu (SHIB) Whale Transactions Up 1,288%, Surpasses $88M

Joshua Ramos
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 positive development for the meme coin, Shiba Inu (SHIB) whale transactions are up an astronomical 1,288% over the last 24 hours according to IntoTheBlock. Moreover, that trading volume has surpassed 9.38 trillion SHIB, which would be worth more than $88 million.

The whale transactions appear to be driving the journey to eliminate yet another zero from the asset’s price. Currently, the token is still trading at $0.0000095 according to CoinMarketCap. However, that price denotes an increase of more than 3% over the last day.

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Shiba Inu Whale Activity Up 1,288% as Quest to Eliminate Another Zero Commences

Although we are less than ten days into the year thus far, 2024 has proven to be volatile for the digital asset sector. A host of tokens have fluctuated, with the developing Spot Bitcoin ETF proposals having a part to play in the movements. One of the most popular meme coins on the market has been exempt from that volatility. However, it has recently led to positive developments for the asset.

Shiba Inu (SHIB) has seen its whale transactions increase by an astronomical 1,288% over the last 24 hours. Moreover, that volume equates to more than 9 trillion SHIB, at a value of more than $88 million. Altogether, it appears as though SHIB Bulls are seeking to hopefully eliminate another zero from the price.

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Also Read: Shiba Inu: What will SHIB’s Price Be If Bitcoin Hits $200,000?

Whale transactions in the digital asset sector usually describe transactions whose worth is more than $100,000 at the time of the transfer. Moreover, the volume of these transactions refers to how much is traded on a specific day. Subsequently, an increase in volume showcases an uptick in activity by these large value holders.

Since the start of the new year, SHIB has been seeking to regain the $0.00001 price it had in December. To this point, that has proven to be a rather difficult prospect. However, the impending approval of a Spot Bitcoin ETF in the coming days should affect the overall industry. Therefore, SHIB should see some kind of positive momentum from the announcement.