Whale buys 150 billion Shiba Inu coins, SHIB continues uptrend
- A mysterious large wallet investor bought $1.1 million worth of SHIB tokens on September 5.
- SHIB traders started a petition on Change.org, asking for commission-less exchange to list Shiba Inu coin.
- Shiba Inu coin resumes upward climb, analysts set a target of $0.000009.
Cryptocurrency market analysts believe that Shiba Inu coin can overtake Dogecoin, expect decentralized exchange ShibaSwap to burn more SHIB. The drop in SHIB’s circulating supply is likely to trigger a price rally.
SHIB rally continues, analysts set a target of $0.000009
Shiba Inu coin has garnered mainstream attention yet again as the SHIB community’s petition to list the token on commission-free exchange Robinhood gets 181,091 signatures.
In a recent report, the exchange disclosed that 62% of its crypto revenue in Q2 of 2021 came from Dogecoin. This has inspired the SHIB community to get the token listed on the exchange, stating that it has genuine potential to offer double-digit gains to traders.
Tristan Luke, a proponent of the Shiba-Inu-themed cryptocurrency, started the petition nearly four months ago. With 20,000 more signatures, it is set to become one of the top-signed petitions on the petition website Change.org.
The token’s price has been up nearly 20% in the past 30 days, and trader sentiment is bullish as SHIB continues its climb. A mysterious large wallet investor recently added 150 billion SHIB to their wallet while the token witnessed a massive surge in price. The whale is known to have converted their Ethereum holdings to Shiba Inu coin.
An ETH whale just bought 150,000,000,000 $SHIBA INU ($1,126,500 USD).
— WhaleStats (@WhaleStats) September 5, 2021
Ranked #16 on WhaleStats: https://t.co/roFBrmx3qH
Transaction: https://t.co/gn0HF8iR8M#shib #ethereum #whalestats #defi #erc20
The said wallet holds cryptocurrencies worth $158.4 million based on data from Whalestats.
Historically, whale movements drive the volatility of Shiba-Inu-themed cryptocurrencies DOGE and SHIB. The rising volatility currently has a positive impact on SHIB’s price, and analysts have set a bullish target of $0.000009 for the token.
FXStreet analysts have predicted that the token will rebound to $0.000009 in the current rally.
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.
