A staggering 1.24 trillion SHIB, worth $20.14 million, moved from Kraken to another wallet.
Initially thought to be a whale withdrawal, the wallet was later confirmed as still linked to Kraken.
SHIB’s price dropped by 6% in the last 24 hours, currently trading at $0.0000151.
Shiba Inu saw a major movement of 1.24 trillion tokens – valued at around $20.14 million – from Kraken. The transaction tracked the funds leaving a Kraken-associated wallet labeled “0x6d0” and moving to another address identified as “0x22a”.
🚨 1,239,940,928,235 #SHIB (20,136,020 USD) transferred from #Kraken to unknown wallethttps://t.co/PxsHyZ8BcD
— Whale Alert (@whale_alert) February 5, 2025
🚨 1,239,940,928,235 (20,136,020 USD) transferred from to unknown wallet
— Whale Alert (@whale_alert)
At first glance, the appeared to be an unknown recipient acquisition, sparking speculation about a potential whale withdrawal. However, further investigation revealed that the wallet remains linked to Kraken. This indicated that the transfer was more of an internal liquidity reshuffle than a direct investor withdrawal.
Ongoing Outflows and Market Reactions
On the same day, Kraken reportedly experienced additional SHIB outflows totaling 733 billion tokens. Arkham’s data showed that most of these transactions involved the same deposit address connected to the earlier transfer. The reason behind these large-scale movements remains unclear but raises questions about whether Kraken is preparing for strategic liquidity management or responding to investor behavior.
SHIB is currently trading around $0.0000151, dropping 6% in the last 24 hours, according to CoinMarketCap. The token boasts a market cap of $8.89 billion and holds the 18th position among top cryptocurrencies. It is also the second-largest meme coin after Dogecoin .
SHIB Price Analysis
The Relative Strength Index (RSI) on the SHIB’s daily price chart stands at 30.68, signaling the token is nearing oversold territory. On the other hand, the Bollinger Bands show tight price compression, suggesting heightened volatility in the near term.
Photo: TradingView
SHIB is currently testing support at the 23.6% Fibonacci level around $0.00001909. Bearish scenarios could see SHIB testing the immediate support level at $0.0000145. Resistance lies near $0.00002202 (50% retracement) and $0.00002332 (61.8% retracement).
Photo: TradingView
If the selling pressure continues, further drops may target $0.0000140. Notably, in the past seven days, the memecoin has seen a 20% in its value.
Meanwhile, the price also appears to be forming a potential falling wedge pattern, which may suggest a bullish breakout scenario if confirmed. A bullish rebound could push the token to retest the resistance level at $0.0000186, though breaking past this threshold would require major trading volume. In such a case, a move toward $0.00002497 also becomes possible.
At the time of writing, SHIB recorded a 24-hour trading volume of $337 million, down 33%. In comparison, DOGE records $1.8 billion in trading volume.