Shiba Inu (SHIB) Whales Celebrate New Year With 4.2M Transfer

One of the most popular meme coins in the industry, Shiba Inu (SHIB) whales has celebrated the new year with a massive 4.2 million transactions. Etherscan identified the transfer that is set to officially be one of the largest movements of SHIB in 2024. Moreover, the transaction was worth a remarkable $44.39 million when it took place.

The asset is set to be one of the most observed meme coins of the coming year. With the continued establishment of its layer-2 network, Shibarium, many have high hopes for how it could perform throughout 2024. Alongside expected positives for the overall market in the new year, Shiba Inu could thrive.

Also Read: Shiba Inu, Bitcoin & Ethereum: 3 Boldest Price Predictions For 2024

Shiba Inu Whales Welcome 2024 with 4.2 Million Transaction

The digital asset industry has experienced quite a resurgence across 2023. Now, heading into the new year, that optimism is expected to continue. With a Spot Bitcoin ETF expected to be approved in the first week of 2024, the market as a whole should see a tremendous benefit.

Among that, the meme coin market is also carefully observing the start of 2024. Subseuqnlety, Shiba Inu (SHIB) Whales have welcomed in the new year with a massive 4.2 million transaction. However, there has yet to be any information regarding the source or destination of the large transfer.

Also Read: Shiba Inu: Shibarium To Start Burning SHIB Tokens From January 2024

At the time of the transactions, the move would have been worth more than $44 million. Yet, currently, the asset is trading at $0.00001059 and is up 0.65% according to CoinMarketCap. Moreover, the asset is situated in a rather tight range zone that could bring about a ton of volatility.

Currently, SHIB is facing support at the $0.00000850 level, with noted buying pressure. Alternatively, it has a resistance located right near its current $0.000001050 mark. The unknown nature of the transfer has raised some intrigue from the SHIB community, but could still aid the asset’s predicament.