Share:
  • 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

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.

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price outlook as MicroStrategy buys 3,000 BTC just 52 days before halving

Bitcoin price outlook as MicroStrategy buys 3,000 BTC just 52 days before halving

Bitcoin (BTC) price continues to ride on the exchange-traded funds (ETF) theme, as markets count the days to the halving, 52 days out (just about seven to eight) weeks). Meanwhile, Microstrategy has taken advantage of the current lull in the market to grow its BTC portfolio with yet another volumnous purchase for the second time in the month. 

More Bitcoin News

Pepe Price Prediction: PEPE is an outlier with over 15% gains as meme coins post single-digit surges

Pepe Price Prediction: PEPE is an outlier with over 15% gains as meme coins post single-digit surges

Pepe coin (PEPE) price is trading with a strong bullish bias, outperforming the meme coin top four, including Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK), which are up by single digits. Meme coins appear to be rallying after the Bitcoin price showed strength.

More Cryptocurrencies News

BTC ETF AUM could surpass Gold, expert says, amid enthusiasm for new investment funds

BTC ETF AUM could surpass Gold, expert says, amid enthusiasm for new investment funds

In a landmark decision on January 10, the US Securities & Exchange Commission (SEC) approved multiple spot Bitcoin exchange-traded funds (ETFs) in a single go. Almost seven weeks down the line, the theme continues to drive the cryptocurrency market, giving investors the train to ride on as markets prepare for the BTC halving in 52 days.

More BTC News

Cardano price notes further decline, report reveals ADA ecosystem is plagued with dead coins

Cardano price notes further decline, report reveals ADA ecosystem is plagued with dead coins

Cardano price continued its decline on Monday. ADA price dropped nearly 3% in the past 24 hours. In a recent report by Alpha Quest, the protocol ranks in the top 10 blockchains that host dead coins. 

More Cardano news

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP