Here is where Shiba Inu price could be headed after whale moves 3.48 trillion SHIB in one massive transaction
- A Shiba Inu whale has moved 3,484,812,794,902 SHIB in one massive transaction.
- Shytoshi Kusama had warned against crypto projects using his name to promote their own tokens.
- SHIB has started to flash new signs of life, recording nearly 7% from its seven-day low.
An unknown Shiba Inu (SHIB) whale has suddenly awakened to relocate trillions of tokens as the dog-themed memecoin starts to show signs of newfound life. According to blockchain-monitoring service Whale Alert, which was also the first to spot the transaction, the mysterious account moved 3,484,812,794,902 SHIB in a single transaction.
3,484,812,794,902 #SHIB (40,284,435 USD) transferred from unknown wallet to unknown wallethttps://t.co/W1gioFya4q
— Whale Alert (@whale_alert) April 16, 2023
Notably, the transferred SHIB was worth around $40 million and was moved from one unknown wallet to another equally unknown wallet. To facilitate the transaction, the deep-pocketed investor paid less than $3. This was remarkable for blockchain, considering the volume of the transaction itself.
According to the blockchain-tracking website Etherscan, the SHIB stack recently moved is still under the control of the second or receiving wallet.
Shiba Inu developer issues warning
It is worth mentioning that the large transaction comes shortly after Shiba Inu developer, Shytoshi Kusama, warned other cryptocurrency projects against using his name or his expansive following to advertise their own tokens or projects. The SHIB developer also cautioned market players to remain vigilant and avoid being misled by coins purporting to be the official token of the layer-2 Shibarioum project.
I am not affiliated with any token using my name or likeness unlawfully. DYOR and don't get scammed. Likewise there is no (official) Shibarium token; Shibarium is an L2 blockchain so any you see are super sus. Need I go on #SHIBARMY ?
— Shytoshi Kusama™ (@ShytoshiKusama) April 16, 2023
Shiba Inu price rises 7% in seven days
At the time of writing, SHIB is auctioning at $0.00001133, down around 0.6% in the last 24 hours. Nevertheless, it is up approximately 7% from its seven-day low of $0.00001074, marking a notable improvement in the meme coin’s market.
The altcoin is sitting on strong support after flipping the 50- and 100-day Exponential Moving Averages (EMA) into support at $0.00001116 and $0.00001112, respectively, as sidelined investors jumped in. If buying pressure increases from the current level of $0.00001133, Shiba Inu price could increase above the 200-day EMA at $0.00001141.
Beyond this level, Shiba Inu price could extend a neck higher to tag the next roadblock at $0.00001252, followed by the $0.00001350, or in highly bullish cases, confront the $0.00001447, denoting a 30% climb from the current level.
SHIB/USDT 1-day chart
On the flip side, if buyer momentum reduces, Shiba Inu price could quickly fall below the support offered by the 50- and 100-day EMAs at $0.00001116 and $0.00001112 before tagging the critical support at $0.00001035. A drop below this level will invalidate the bullish thesis.
In the dire case, Shiba Inu price could revisit the $0.00000983 swing low before a possible correction. Such a move would constitute a 15% downswing.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
