|

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.

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. 

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

HYPE Price Forecast: Hyperliquid Strategies seeks US approval for perpetual futures

Hyperliquid dropped 8% on Friday after Hyperliquid Strategies filed an application to become a futures commission merchant, seeking regulatory approval to bring perpetual futures markets to US customers. The company disclosed the development in its Q3 financial results released Thursday.

Top 3 Price Predictions: Bitcoin, Ethereum, Ripple – Face renewed selling as key technical barriers and regulatory fears hit sentiment

Bitcoin, Ethereum, and Ripple face renewed selling pressure in the second half of this week amid concerns that Democrats' control of both chambers of the US Congress could lead to tighter crypto and Artificial Intelligence regulations.

Zcash Price Forecast: ZEC defies crypto market sell-off as NU7 upgrade fuels breakout hopes

Zcash shows resilience above $1,300 on Friday, defying the broader cryptocurrency market sell-off, which saw over $1 billion in liquidations the previous day. This strength aligns with Network Upgrade 7, scheduled for Friday, which enables faster payments and disables older transaction pools.

Ethereum Price Forecast: ETH falls 7% as AI sell-off hits crypto
Ethereum (ETH) falls 7% to $2,230 on Thursday as AI stock sell-offs spilled into the crypto market. The top altcoin's decline wiped out all of Wednesday's post-US midterm gains, triggering $181.8 million in ETH liquidations over the past 24 hours. Long liquidations dominated, totaling $149.7 million, according to Coinglass data.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.