"Mystery Whale Accumulates 1.2T SHIB; Meme Coin Holds Crucial Support Amidst Global Tensions"

Shiba Inu, the second-largest crypto meme coin, has sparked renewed interest among crypto enthusiasts following a significant transaction involving 1.239 trillion SHIB tokens, worth approximately $20.136 million. The transfer, which took place on February 6, 2024, was from the Kraken cryptocurrency exchange and was reported by blockchain-based transaction tracker Whale Alert on X (formerly Twitter). The wallet address for this transaction remains unknown, but the substantial amount suggests potential accumulation by a crypto whale.

The current market sentiment for SHIB appears bearish, as the meme coin has experienced a price drop of over 35% and has reached a crucial support level of $0.000015. This level has historically served as a price reversal point. Technical analysis indicates that if SHIB holds this support level, there is a strong possibility it could soar by 30% to reach the $0.000020 level in the coming days. However, the ongoing economic tensions between major global powers may pose a challenge to this prediction.

Major liquidation levels for SHIB traders are at $0.0000155 on the lower side and $0.0000165 on the upper side. If the market sentiment remains unchanged and the price falls below the $0.0000155 level, nearly $350k worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price rises to the $0.0000165 level, approximately $625k worth of short positions will be liquidated. On-chain metrics suggest that traders holding short positions currently dominate the asset.

As of now, the meme coin is trading near $0.0000158 and has experienced a price surge of over 2.80% in the past 24 hours. However, during the same period, its trading volume dropped by 25%, indicating lower participation from traders and investors compared to previous days. Despite the recent price surge, the overall market sentiment remains cautious, and investors are closely monitoring the situation to determine the next move for SHIB.