- The top two Ethereum whales have grabbed 271 billion Shiba Inu tokens.
- The recent whale purchase is significantly larger than last week, indicating the rapid accumulation of Shiba Inu by large wallet investors.
- Analysts have a bullish outlook on Shiba Inu price as the meme coin posts gains after the recent pullback.
Shiba Inu has emerged as a favorite among Ethereum’s large wallet investors. Two Ethereum whales added 217 billion in Shiba Inu tokens to their portfolio, fueling a bullish sentiment among investors.
Shiba Inu price started an uptrend because of these two reasons
Shiba Inu’s development team announced the launch of a burn portal in association with Ryoshi’s vision. Proponents believe the news of the burn portal launch and accumulation by large wallet investors are the two critical reasons for Shiba Inu’s current price rally.
$251,000 in Shiba Inu tokens were burnt within the first 24 hours of the portal’s launch. Burn effectively removes the tokens from the asset’s circulating supply, fueling a shortage. In addition to the burn, accumulation by whales that are scooping up SHIB tokens is considered a bullish sign.
Large wallet investors on the Ethereum network have chosen Shiba Inu to diversify their portfolio holdings. Two Ethereum whales, “Bombur” and “BlueWhale0073,” have pulled 271 SHIB out of the circulating supply. The whales now hold $1.4 billion in Shiba Inu tokens, following several rounds of SHIB accumulation.
ETH whale "BlueWhale0073" just bought 219,332,229,787 $shib ($5,454,792 USD).
— WhaleStats - BabyWhale ($BBW) (@WhaleStats) April 25, 2022
Ranked #5 on WhaleStats: https://t.co/RBupen06Pv
Transaction: https://t.co/jRf8wTAUMR#SHIB #ShibArmy
Typically, accumulation by whales is considered bullish for the meme coin’s price.
Analysts evaluated the Shiba Inu price trend and revealed a bullish outlook. FXStreet analysts have identified an Adam and Eve pattern in the Shiba Inu chart, predicting a 38% rally in the meme coin. So far, the pattern has not been validated; however, analysts believe the long-term targets remain unchanged, and it is likely that SHIB would retest $0.00005 in a price rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.