- Ethereum whale bought $11.5 million worth of SHIB tokens on Tuesday.
- Shiba Inu token has reached 783,739 holders, large wallet investors accumulate SHIB tokens through the dip.
- SHIB was briefly the cryptocurrency with the largest turnover on exchanges Binance and Coinbase on Monday.
Shiba Inu continues to enjoy support from large wallet investors. SHIB has just hit an all-time high above $0.000044.
Analysts predict rally in SHIB price as whales continue accumulating the memecoin
Shiba Inu, popularly known as the "Dogecoin-killer," is riding on a wave of fandom. There have been several updates in the SHIB ecosystem, and the memecoin has updates lined up, as the Shibarium and Shiboshi game launches are likely to occur within the next few months.
Historically, there has been a trend of whale accumulation in Shiba Inu following a price drop. SHIB price has just dropped nearly 5% from its recent all-time high, while an Ethereum whale recently added $11.5 million worth of SHIB tokens.
Ethereum whale transaction for purchase of $11.5 million worth of SHIB tokens.
The token has crossed 783,739 holders as large-wallet investors continue accumulation. When SHIB hit a new all-time high, the memecoin's on-chain activity exploded. SHIB trade volume on spot exchanges Binance and Coinbase briefly surpassed all other cryptocurrencies.
According to crypto data aggregator CoinMarketCap, the daily trade volume of SHIB was able to surpass Ethereum, emerging as the third most-traded cryptocurrency momentarily.
Analysts still have a bullish outlook on SHIB price, predicting a 96% rally. Pseudonymous cryptocurrency analyst @IncomeSharks has set a price target of $0.0001. SHIB price has appreciated 45% in the past 7 days.
In the meantime, US Senate candidate Shannon Bray shared his bullish outlook on SHIB in a recent tweet:
FXStreet analysts have evaluated the SHIB price trend and predicted a 90% surge in the memecoin's price.
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