Shiba Inu could breakout after whales buy millions of dollars worth of SHIB
- Ethereum whale spent $1.2 million on accumulating 49.9 billion SHIB tokens.
- Shiba Inu token can now be purchased at 4000 ATMs across the US and Brazil through Coin Cloud.
- SHIB ranked in the top 10 trending coins in Asia for the first two weeks of October 2021.
- With 637,366 mentions on crypto Twitter, SHIB ranks second in social dominance in the past week.
Shiba Inu accumulation by whales continues as the memecoin prepares to breakout. The Dogecoin-killer is trending on social media, second to Bitcoin in popularity.
Analysts expect 100% gains in SHIB price as whales continue accumulating
A large wallet investor identified as an Ethereum whale spent $1.2 million and bought 49.9 billion SHIB tokens on Binance earlier today. SHIB price plunged after a massive rally in the memecoin; whales accumulated the Dogecoin-killer throughout the dip.
Historically, a dip in SHIB price is followed by whale accumulation and a second leg up. Traders are expecting another bullrun in SHIB.
Updates in the SHIB ecosystem include the naming feature for “Shiboshis” (10,000 NFTs minted on ShibaSwap) and the ability to purchase the memecoin across Coin Cloud ATMs.
Coin Cloud is considered the world’s largest network of two-way digital currency machines, with 4000 ATMs across the US and Brazil. The ATM network now supports SHIB. This makes SHIB more accessible for users and boosts its utility.
Coin Cloud shared the news on its Twitter handle:
You’ve been hearing all about #ShibaInu (SHIB) lately, but can’t figure out how to get some? We get you. It’s complicated and confusing. Until now! Here’s the easiest way to buy Shiba Inu Coin (and the fastest, too!) https://t.co/eB6xhQRhrg pic.twitter.com/rqMK7dDk4x
— Coin Cloud (@CoinCloudDCM) October 15, 2021
SHIB’s popularity among traders on social media hit a peak with its massive rally. The memecoin’s social dominance is second to Bitcoin, and CoinGecko has listed SHIB as one of the top 10 trending cryptocurrencies in Asia (Oct 1-Oct 15).
@army_shiba, a cryptocurrency analyst and SHIB trader, expects the altcoin’s price to increase 100% and hit the next target of $0.00005.
This is the price range for $SHIB!
— $SHIB KNIGHT (@army_shiba) October 16, 2021
It is accumulating in .2100 and .3500 channel!
If it breaks the resistance, next target will be around .5000's!
As $SHIB already did around 4 - 5x'es in less than a month, accumulation is quite normal I can say. pic.twitter.com/JVUBhAkEHb
FXStreet analysts have evaluated the SHIB price trend and predicted that Shiba Inu would resume its bull trend as it trades on a stable support.
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.
