- Ethereum whales have transacted 4.35 trillion Shiba Inu tokens according to the recent data on WhaleStats.
- The hundred largest whales on the Ethereum network have purchased more than 855 billion Shiba Inu tokens over the past three days.
- Analysts predict a 20% price rally in Shiba Inu before a decline in the meme coin.
Over the past three days, large wallet investors on the Ethereum blockchain have scooped up more than 855 billion Shiba Inu tokens. Massive Shiba Inu accumulation by whales is considered a sign of a bullish trend reversal in SHIB.
Also read: Bitcoin Price: Why Plan B predicts 5x rally in Bitcoin price using stock-to-flow model
Ethereum whales continue accumulating Shiba Inu tokens
Based on data from WhaleStats, the top 100 whales on the Ethereum blockchain have purchased over 855 billion Shiba Inu tokens. Interestingly, large wallet investors have moved 4.35 trillion Shiba Inu tokens.
Typically, the accumulation of Shiba Inu by large wallet investors or a massive number of tokens on the move signifies a shift in the meme coin’s price. Whales on the Ethereum network accumulate Shiba Inu tokens through dips. Local tops in Shiba Inu price coincide with massive whale activity. Therefore, proponents consider the accumulation phase bullish for Shiba Inu holders.
Shiba Inu’s burn tracker Shibburn revealed that 76.4 million SHIB tokens have been pulled out of circulation permanently. These tokens have been sent to dead wallets, effectively destroying them.
76.4 million SHIB were burned in a single transaction
Shiba Inu price ready for a 20% rally?
Tony M, technical analyst at FXStreet, believes Shiba Inu price is primed for a climb to the $0.00001394 level. The analyst notes that Shiba Inu price has trended south over the past week in a turbulent manner. The erratic pullbacks during this period indicate that Shiba Inu’s downtrend is weak and there is a likelihood of a bullish trend reversal.
SHIB-USD price chart
The analyst believes that an invalidation of Shiba Inu’s bullish trend depends on bulls defending the $0.00000880 level as support. If Shiba Inu price declines below this level, it is likely to descend in a downward spiral to $0.00000738.
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.
Recommended Content
Editors’ Picks

Ripple faces growing downside risks threatening potential return to $3
Ripple (XRP) price hovers at around $2.31 on Monday, extending its gradual drawdown from last week’s high of $2.65, as the broader cryptocurrency market swings between gains and losses amid shifting investor sentiment.

EOS uptrend falters ahead of token swap despite Vaulta’s DeFi TVL soaring to $246 million
EOS price slides on Monday to approximately $0.75, erasing a minor uptick on Sunday, while extending the drawdown from the May 10 high at around $0.99. The EOS network rebranded to Vaulta in the first quarter, paving the way for a web3 banking platform.

Bitcoin gives up weekend gains, signaling potential bull trap as momentum weakens
Bitcoin dips to around $103,000 on Monday, wiping out Sunday's gains and raising concerns of a short-term correction. Metaplanet adds 1,004 BTC to its treasury, while spot Bitcoin ETFs saw $603.74 million in net inflows last week.

Virtuals Protocol Price Forecast: VIRTUAL set to extend losses as triple top formation emerges
Virtuals Protocol (VIRTUAL) price drops over 10% at the time of writing on Monday, trading around $1.78 following a failed attempt to break above a key resistance level over the weekend.

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.