Whale Moves 1.23 Trillion SHIB Amid Market Crash, Analysts Eye 30% Surge to $0.000020 Level

Amid ongoing market uncertainty, Shiba Inu (SHIB), the popular and second-largest crypto meme coin, has gained attention from crypto enthusiasts and made a big

Cryptocurrency meme coin Shiba Inu (SHIB) has grabbed the attention of crypto enthusiasts once again with a massive token transfer amid ongoing market uncertainty.

According to blockchain transaction tracker Whale Alert, a crypto whale moved 1.239 trillion SHIB tokens, valued at $20.136 million, from the Kraken cryptocurrency exchange. The wallet address for this transaction is yet to be identified.

🚨 1,239,940,928,235 #SHIB (20,136,020 USD) transferred from #Kraken to unknown wallethttps://t.co/PxsHyZ8BcD

However, this large-scale token transfer, following a significant price decline, suggests potential accumulation. The current market sentiment appears bearish, with SHIB, along with major cryptocurrencies, experiencing substantial price drops in recent days.

Shiba Inu Technical Analysis

Amid this market crash, SHIB has seen a price drop of over 35% and reached the crucial support level of $0.000015, which has a history of price reversal.

Now, if SHIB manages to hold this support level, there is a high chance that it will go up by 30% to reach the $0.000020 level in the upcoming days. But, the current sentiment seems to be against this prediction due to the ongoing economic tensions between the US, China, Canada, and Mexico.

Despite this, the level seems good for buying. SHIB is currently trading below the 200 Exponential Moving Average (EMA) on the daily time frame, which shows that it is in a downtrend.

Major Liquidation Levels

At this price action, traders are over-leveraged at the $0.0000155 level on the lower side and the $0.0000165 level on the upper side, as per Coinglass data.

If the market sentiment remains unchanged and the price goes down below the $0.0000155 level, long positions worth almost $350k will be liquidated. On the other hand, if the sentiment shifts and the price rises to the $0.0000165 level, short positions for about $625k will be liquidated.

Combining these on-chain metrics with the technical analysis, it seems that traders who are holding short positions are dominating the asset.

Current Price Momentum

The meme coin is currently trading close to $0.0000158 and has seen a price surge of over 2.80% in the last 24 hours. But, its trading volume dropped by 25% during the same period, indicating less participation from traders and investors compared to previous days.