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Shiba Inu (SHIB) Whales Celebrate New Year With 4.2M Transfer

Joshua Ramos
Joshua Ramos
January 3, 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.

One of the most popular meme coins in the industry, Shiba Inu (SHIB) whales has celebrated the new year with a massive 4.2 million transactions. Etherscan identified the transfer that is set to officially be one of the largest movements of SHIB in 2024. Moreover, the transaction was worth a remarkable $44.39 million when it took place.

The asset is set to be one of the most observed meme coins of the coming year. With the continued establishment of its layer-2 network, Shibarium, many have high hopes for how it could perform throughout 2024. Alongside expected positives for the overall market in the new year, Shiba Inu could thrive.

Smart Whale Made $1,641,047,796 in a Year with Shiba Inu, ETH, and CRO: Here's How

Also Read: Shiba Inu, Bitcoin & Ethereum: 3 Boldest Price Predictions For 2024

Shiba Inu Whales Welcome 2024 with 4.2 Million Transaction

The digital asset industry has experienced quite a resurgence across 2023. Now, heading into the new year, that optimism is expected to continue. With a Spot Bitcoin ETF expected to be approved in the first week of 2024, the market as a whole should see a tremendous benefit.

Among that, the meme coin market is also carefully observing the start of 2024. Subseuqnlety, Shiba Inu (SHIB) Whales have welcomed in the new year with a massive 4.2 million transaction. However, there has yet to be any information regarding the source or destination of the large transfer.

shiba inu shib whale

Also Read: Shiba Inu: Shibarium To Start Burning SHIB Tokens From January 2024

At the time of the transactions, the move would have been worth more than $44 million. Yet, currently, the asset is trading at $0.00001059 and is up 0.65% according to CoinMarketCap. Moreover, the asset is situated in a rather tight range zone that could bring about a ton of volatility.

Currently, SHIB is facing support at the $0.00000850 level, with noted buying pressure. Alternatively, it has a resistance located right near its current $0.000001050 mark. The unknown nature of the transfer has raised some intrigue from the SHIB community, but could still aid the asset’s predicament.

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