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Crypto Whale Dumps $50M SHIB on Exchanges Amid Market Downturn

Coin WorldMonday, Jan 27, 2025 10:22 am ET

1min read

A crypto whale has acquired $4.6 million worth of Shiba Inu (SHIB) tokens, according to data from Whale Alert, a blockchain-based transaction tracker. The whale transferred 1.5 billion SHIB to an unknown wallet address, indicating a significant accumulation of the meme coin.

The recent acquisition comes amid a broader market downturn, with the overall cryptocurrency market experiencing a significant price drop and notable selling pressure. Despite the bearish sentiment, the whale's accumulation suggests a bullish outlook on SHIB's long-term prospects.

Data from on-chain analytics firm Coinglass shows that exchanges have witnessed an outflow of a substantial $50 million worth of SHIB in the past 48 hours. In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, indicating potential accumulation and hinting at a possible buying opportunity.

Shiba Inu (SHIB) is currently trading near $0.000012 and has experienced a price decline of over 8.5% in the past 24 hours. However, during the same period, its trading volume surged by 150%, indicating increased participation from traders amid the recent price dip.

According to expert technical analysis, SHIB is near a crucial support level of $0.000011. Historically, this support has provided strong buying pressure, leading to notable upside momentum. Since December 2024, SHIB has reached this level multiple times, and on each occasion, it has experienced significant upward momentum. Based on recent price action, SHIB could soar by 25% and potentially reach the $0.000015 level in the near future.

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