Shiba Inu could drop memecoin tag as Ethereum whales scoop $3.6 million worth of the token

Ethereum whales continue scooping up Shiba Inu, accumulating $3.6 million worth of the token.
With the launch of its own blockchain, Shiba Inu could witness a spike in adoption among traders.
Analysts believe Shiba Inu price is ready to breakout and post a 100% rally.

Ekta Mourya FXStreet

Ethereum whales continue accumulating Shiba Inu as the memecoin recovers from the recent price drop. Proponents believe Shiba Inu could drop its memecoin tag as it prepares for a 100% price rally.

Shiba Inu price gears up for bull run

An Ethereum whale, “Gimli,” has bought 110 billion Shiba Inu tokens to add to their existing portfolio. The whale’s purchase was worth $3.62 million at the time, which implies a spike in Shiba Inu demand from large wallet investors.

The pseudonymous whale now holds $47.8 million worth of Shiba Inu in the portfolio.

Shiba Inu has announced the launch of its own blockchain and the formation of a Decentralized Autonomous Organization (DAO) in its 2022 roadmap. Therefore, Shiba Inu’s plan makes it lucrative for investors looking for a blockchain token with high utility and whale adoption.

Analysts have evaluated the Shiba Inu price trend and noted that the token has positioned itself in a new support zones. @army_shiba recently tweeted that lines of previous resistances for Shiba Inu are now support for the token.

Both $SHIB and #BTC positioned themselves on the new support zones!

These lines were former resistances! Let's see what the market will bring after this tiring accumulation phase! pic.twitter.com/UG4kfLRKSm
— $SHIB KNIGHT (@army_shiba) January 4, 2022

The token recently announced explosive growth in the number of Shiba Inu holders. Over 1,116,811 traders now hold Shiba Inu as of January 5, 2022.

FXStreet analysts are of the opinion that Shiba Inu price could advance further. The analysts have predicted a 100% bullish breakout in Shiba Inu price as the token recovers from the recent price drop.

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.

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