A newly created wallet has withdrawn a large amount of Shiba Inu ($SHIB) and Avalanche ($AVAX) tokens from Binance, prompting speculation among traders.
The wallet moved 290.41 billion SHIB, valued at $4.85 million, and 97,114 AVAX, worth $2.52 million, in the past hour. These transactions coincide with notable price movements for both cryptocurrencies, indicating strong market activity.
A newly created wallet withdrew 290.41B $SHIB worth $4.85M, and 97,114 $AVAX worth $2.52M from #Binance in the past hour.
Address: 0xef889188ae69f8b5210440be5c45225da4ddb17b pic.twitter.com/WPPa66z5sN
— Onchain Lens (@OnchainLens) February 13, 2025
Shiba Inu (SHIB) Gains Upward Traction
Shiba Inu is currently trading at $0.00001650, showing a 4.91% increase in the past 24 hours. Its trading volume has surged by 83.38%, reaching $464.89 million, showing rising investor interest.
The price opened around $0.00001573 and climbed to a high of approximately $0.0000172 before slightly falling back. Despite minor fluctuations, the asset maintains a bullish trend.
A strong upward move followed a brief dip, suggesting continuous buying pressure. The resistance level near $0.0000172 has proven to be important, as the price faced rejection at this point. Conversely, support remains around $0.0000157, where previous rebounds occurred.
Related: Shiba Inu Surges 208% in 2024: Analysts See Top 10 Potential
Source: CoinMarketCap
If SHIB maintains its position above $0.0000165, a push toward $0.0000172 and potentially $0.0000175 could happen. However, if selling pressure intensifies and the price falls below $0.0000157, a decline toward $0.0000155 may occur.
Avalanche (AVAX) Price Stability Amid Volatility
Avalanche has also shown upward movement, currently priced at $25.51 after a 1.48% increase in the past day. The asset’s market capitalization now stands at $10.51 billion, reflecting a 1.49% rise, while trading volume has climbed by 38.77% to reach $464.83 million. AVAX began the session near $25.14, dipped briefly, then surged past $27.00 before retracing to its current levels.
Source: CoinMarketCap
Support at $25.00 has held firm, acting as a key psychological and technical zone where buyers continue to step in. If the bullish momentum persists, an attempt to breach the $27.00 resistance level could follow, potentially pushing the price toward $28.00.
Related: Buy Signals Flash for POL, AVAX, SHIB & MKR: Is the Tom DeMark Indicator Reliable?
On the other hand, a drop below $25.00 could lead to further downside pressure, bringing $24.50 into focus as the next potential support.
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