Ethereum whales buy $20 million in Shiba Inu, anticipating a bullish breakout
- Ethereum’s large wallet investors have accumulated $20 million worth of Shiba Inu within the past few hours.
- The top 1000 Ethereum whales now hold $1.79 billion worth of Shiba Inu tokens.
- Despite accumulation by whales, Shiba Inu failed to recover from the recent price drop.
- Analysts have predicted a rally in Shiba Inu and a retest of $0.000035 as the memecoin resumes its uptrend.
Ethereum holders have accumulated $20 million worth of Shiba Inu through the recent bloodbath. Analysts believe Shiba Inu could recover from its price drop and rally towards its target of $0.000035.
Ethereum whales bullish on Shiba Inu price
Based on data from WhaleStats, Ethereum’s large wallet investors, whales, have added $20 million worth of Shiba Inu to their portfolio. Whales have consistently scooped up Shiba Inu during crypto market bloodbaths, fueling a bullish outlook on the Dogecoin-killer.
The total Shiba Inu holdings of Ethereum whales now stand at $1.79 billion worth of SHIB. Shiba Inu has consistently constituted nearly 17% of Ethereum whales’ portfolio.
According to proponents, the news of Shiba Inu’s metaverse project, Shiba Lands is another bullish catalyst. Despite bullish catalysts, the Dogecoin-killer’s price is struggling to recover from the recent drop in price.
Cryptocurrency analysts at the YouTube channel CryptoTD evaluated the Shiba Inu price trend and predicted that after crossing the key level of $0.00002950, the memecoin has remained above moving averages. The analysts are bullish on the Shiba Inu price rally and set a $0.000035 for the memecoin, a 12% climb for the current level.
FXStreet analysts believe the Shiba Inu price trend could show signs of strength. The target for Shiba Inu price is $0.00005. Analysts argue that the point figure chart of Shiba Inu, used to predict price movements without considering time, shows no signs of a pullback.
Analysts believe Shiba Inu price is on track to $0.00005, and the first major profit-taking would occur at $0.00004, followed by a pullback before the Dogecoin-killer resumes its uptrend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
