Shiba Inu (SHIB) Maintains Upward Momentum Despite Market Fluctuations; Analysts Anticipate 850% Upside

A massive Shiba Inu transaction involving the cryptocurrency exchange Kraken has drawn significant attention within the crypto community. The movement of over 1.23 trillion SHIB tokens, valued at approximately $20 million, initially raised speculation due to the receiving wallet's unknown identity

A massive cryptocurrency transfer from a Kraken hot wallet has sparked discussions within the crypto community. The movement of over 1.23 trillion SHIB tokens, initially reported by Whale Alert, drew attention due to the receiving wallet's cryptic identity. However, further analysis has revealed that the transfer was not an external withdrawal but an internal transaction.

On Wednesday, Whale Alert reported that Kraken had transferred 1,239,940,928,235 SHIB from one of its hot wallets. The transaction, valued at approximately $20 million, was recorded at 14:52 UTC and sparked speculation about whether it signaled a significant withdrawal by a large holder.

At first glance, the receiving address, “0x22af,” appeared unmarked, leading to speculation that a major investor or institution had withdrawn a substantial amount of SHIB from the exchange. However, on-chain data later clarified the true nature of the transfer.

According to insights from blockchain analytics firm Arkham, the receiving wallet is a Kraken deposit address, indicating that the transfer was likely an internal transaction. Exchanges often conduct such internal transfers to manage liquidity, enhance security, or restructure their reserves.

This massive SHIB transfer by Kraken was part of a broader movement of large cryptocurrency transactions on Wednesday. The exchange also moved significant amounts of other cryptocurrencies, including Uniswap (UNI) and the Official Trump token (TRUMP).

Data from Whale Alert showed that Kraken transferred approximately 2,225,197 UNI tokens, valued at around $20.7 million, to the same deposit address used for the SHIB transaction. Additionally, it sent 1,155,431 TRUMP tokens—worth approximately $23.1 million—to a separate wallet, labeled “F7RkX6,” which was also identified as a Kraken deposit address.

Despite market fluctuations, Shiba Inu maintained upward momentum on Wednesday. The token experienced a notable price appreciation of over 2%, reaching a value of approximately $0.00001605. Notably, market experts anticipate a potential upside of 850% in the near term, bolstering the asset’s favorable prospects within the cryptocurrency market.

Analysts had previously projected a decline to the 0.618 Fibonacci level at $0.00001735 before an anticipated surge to new highs. With Shiba Inu (SHIB) showing resilience and rejecting lower price levels, investors are watching closely whether the token will follow the expected bullish trajectory.

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