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- Recent large-scale movements for Shiba Inu, including the transfer of 1.24 trillion SHIB ($20.14 million) from Kraken and another 733 billion SHIB, have drawn attention.
- Technical indicators suggest that the SHIB price is nearing a critical support level with the RSI at 30.68, signaling oversold conditions.
A recent on-chain report published by Santiment highlighted how Shiba Inu holds a high concentration in the hands of a small group of its largest holders. It showed that collectively, the top ten wallets held 61.3% of SHIB’s total supply, raising alarm about market stability. This concentration level implies a high possibility of price volatility if any of these major holders choose to sell.
Shiba Inu Whale Activity In Spotlight
The reliance on a few wallets is both a risk and an opportunity, as their trading activities can significantly affect the price movement of SHIB. Meanwhile, the latest transfer of 1.24 trillion SHIB tokens, worth about $20.14 million, caught massive attention. The stash was seen leaving Kraken and moving to another wallet, according to Whale Alert data.
Some speculation suggested it was a whale accumulating Shiba Inu. Further observation revealed that the receiving address continues to be linked to Kraken, thus probably an internal move of liquidity and not an independent accumulation. Then, there were even bigger trades out, with 733 billion SHIB tokens leaving Kraken on the same day.
Blockchain intelligence platform Arkham followed these transactions and noted that they came from the same deposit address of the earlier transfer. So far, it is still not known why such large movements occurred, but this could probably be due to Kraken’s more comprehensive liquidity plan or a reaction to the shifting investor sentiment.
Apart from the Kraken-linked transfers, movements of SHIB whales have been observed. A few days ago, one whale transferred 3.5 trillion SHIB, leaving some speculation over buying or selling pressure. One can see how large holders lead to price direction for SHIB and, thus, the reason for rising volatility.
SHIB Price Analysis Today
SHIB price is currently trading around $0.00001517, having depreciated by 3.11% during the past 24 hours. Over the past week, the token went down steeply by 22%, following the overall bearish market trend. However, SHIB has remained the second-largest meme coin after DOGE, boasting a market capitalization of $8.89 billion.
Technical indicators also show that Shiba Inu is near a critical support level. RSI has touched 30.68, close to oversold territory. And maybe this will be the perfect time for SHIB to begin its recovery if buying pressure increases again. Also, Bollinger Bands are compressing, so volatile prices are seen ahead, as mentioned in our previous article.
Currently, Shiba Inu price is testing support around the 23.6% Fibonacci retracement level near $0.0000145. If bearish pressure continues, the token could decline further to $0.0000140. However, resistance remains strong at $0.00002202 (50% retracement) and $0.00002332 (61.8% retracement).
A falling wedge pattern is now developing, and a bullish breakout might be in the cards if it is confirmed, as we discussed earlier. A bounce above $0.0000186 could create an opportunity for a rally toward $0.00002497 if trading volume significantly increases. The 24-hour trading volume of SHIB currently stands at $337 million, which has decreased by 33%. On the other hand, DOGE boasts stronger liquidity with a trading volume of $1.8 billion.
