- Exchanges have seen an outflow of $416K in SHIB, a strong signal of accumulation.
- Data showed that bulls were dominating the memecoin at press time.
Shiba Inu [SHIB], the popular and second-largest memecoin, was gaining significant attention from crypto enthusiasts despite ongoing market uncertainty.
Crypto whale moves 1.25 trillion SHIB
On the 6th of February, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had transferred a substantial 1.24 trillion SHIB tokens from the Kraken exchange.
Until now, the wallet to which SHIB was transferred remains unknown. However, the transfer occurred at a crucial support level where SHIB has a history of price reversals.
Additionally, long-term holders and traders are showing notable interest in the memecoin, as reported by the on-chain analytics firm Coinglass.
Shiba Inu’s bullish on-chain metrics
SHIB’s Spot Inflow/Outflow revealed that after continuously witnessing inflows, exchanges recorded an outflow of $416K worth of SHIB, indicating potential accumulation.
This could create buying pressure and drive further upside momentum.
Source: Coinglass
Meanwhile, data showed that traders holding long positions were dominating at press time. The $0.00001558 level was where long-position traders were over-leveraged, holding $300K worth of long positions.
Conversely, $0.00001616 was another key level where short traders were over-leveraged, holding $103K worth of positions at press time.
Source: Coinglass
However, these positions will be liquidated if the market moves in either direction.
Shiba Inu: Price action and upcoming level
SHIB was trading near $0.00001607 at press time, having experienced a modest price drop of 0.65% in the past 24 hours.
According to AMBCrypto’s technical analysis, SHIB appeared bullish and was at a crucial support level of $0.000015 at press time, which has a history of price reversals.
However, the memecoin has been trading at this level for over four days.
Source: TradingView
Read Shiba Inu’s [SHIB] Price Prediction 2025–2026
Based on recent price action and historical momentum, if SHIB holds the $0.000015 support level, there is a strong possibility it could soar by 25% to reach $0.000021 in the future.
However, the asset’s price is still below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that it remains in a downtrend.
