Shiba Inu Tests Crucial Support Level as 125 Billion Tokens Move Out of BitGo

Shiba Inu's price is currently testing the crucial $0.00000515 support level, following a significant transfer of 125.33 billion SHIB tokens from institutional custodian BitGo to a newly created wallet.

The move adds a fresh catalyst to Shiba Inu's technical setup, as the token trades around $0.00000510 near the 0.5 Fibonacci retracement level at $0.00000515.

According to analysts, if SHIB can defend this support level and maintain buying interest, it could push toward the $0.00000583 and $0.00000670 targets.

However, a loss of the $0.00000515 support would expose lower levels, with $0.00000492 and $0.00000455 serving as key downside targets.