Here is where Shiba Inu price could be headed after whale moves 3.48 trillion SHIB in one massive transaction

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.

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.

   

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.