Shiba Inu price soars on massive token movement by whales

When a large-scale cryptocurrency transaction resurfaces, whales or big investors often receive credit. This time, it is related to Shiba Inu. Reports claim that major exchange platforms moved almost 1.5 trillion SHIB tokens within 24 hours. This includes the likes of Binance, Coinbase, and Kraken. For reference, a single SHIB token is paired against the US Dollar at $0.00002532—that is a surge of 9.10% in the last 24 hours.

Multiple transactions occurred, ranging from 42.6 billion to 397 billion. Binance wallet noted a transfer of 357.4798 billion tokens, while Coinbase saw a movement of 808 billion Shiba Inu tokens. Analysts believe that the transaction at this scale shows the potential accumulation via exchange platforms. The precise reasons behind transferring the token are unknown. It is known that they are testing the upper trendline of a descending triangle. In other words, high volatility is well within the picture.

The current token value has pushed the resistance level to $0.000027, followed by $0.00003 in the next 7–10 days. An exact timeline could differ depending on the type of trajectory that SHIB draws.

Its market cap is up by 8.63%, and the 24-hour trading volume has surged by 42.96% at the time of articulating this piece. In the last 24 hours, the majority of trade has been in green shades. This is indeed optimistic for Shiba Inu.

The token’s technical analysis maintains a mixed signal. There could be a decline or a surge to justify the neutrality of the indicators. Other exchange platforms that tested the transfer of SHIB were Gate.io and Robinhood. An immediate and relevant resistance zone has a limit of $0.000024. Falling below that mark could set the stage for a further fall. However, rising above the next resistance level could enable SHIB to reach a higher point. Thereby introducing a new high in token value and market cap.

That is relevant, as SHIB aims to dethrone DOGE from the top position in the meme coin segment of the crypto market. There is a difference of approximately $6 billion between their respective market capitalization values. With only a few years remaining, the SHIB army maintains that the community will occupy the number one position on the chart. The market capitalization of Shiba Inu exceeds $14.98 billion.

An upswing is anticipated if Shiba Inu breaks out of the 50-day EMA.

By the end of this year, we predict the value of SHIB will be around $0.000040. However, the actual figure may vary based on uncertainty and volatility in the crypto market. The race to top the memecoin chart is on, with only a small gap to bridge. Next, it aims to rise in the global crypto market.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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