Crypto Whale Moves 1.24 Trillion SHIB Amid Market Uncertainty

Shiba Inu, the second-largest memecoin, has been drawing significant attention from crypto enthusiasts despite market uncertainty. On February 6, a crypto whale transferred 1.24 trillion SHIB tokens from the Kraken exchange, according to blockchain-based transaction tracker Whale Alert. The destination wallet remains unknown, but the transfer occurred at a crucial support level where SHIB has historically experienced price reversals.

On-chain analytics firm Coinglass reported notable interest from long-term holders and traders in SHIB. Spot Inflow/Outflow data showed an outflow of $416K worth of SHIB, indicating potential accumulation and creating buying pressure. At press time, traders holding long positions were dominating, with over-leveraged positions at key levels. However, these positions could be liquidated if the market moves in either direction.

SHIB was trading near $0.00001607 at press time, with a modest price drop of 0.65% in the past 24 hours. Technical analysis indicated a bullish outlook for SHIB, which was at a crucial support level of $0.000015 at press time. If SHIB holds this support level, there is a strong possibility it could soar by 25% to reach $0.000021 in the future. However, the asset's price remains below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an ongoing downtrend.