- Large Ethereum whales hold a whopping 282.79 billion Shiba Inu coins worth $3.09 million in their wallet.
- Ethereum whale identified as Galion accumulated a total of 272 billion Shiba Inu coins worth $3 million in two separate transactions overnight.
- Analysts have set a bullish target of $0.00001401 for Shiba Inu if the meme coin continues its uptrend.
Large wallet investors on the Ethereum network are keen on accumulating Shiba Inu. The 130th largest Ethereum whale scooped up 272 billion Shiba Inu coins overnight. Analysts retain a bullish outlook on the altcoin.
Also read: Where Bitcoin, Ethereum prices are headed as correlation with S&P 500 declines
Galion swallows up 272 billion Shiba Inu in two transactions
The 130th largest whale on the Ethereum Network has swallowed up 272 billion Shiba Inu (SHIB) worth $3 million. Typically, large wallet investors have purchased Shiba Inu ahead of a massive rally in the meme coin.
Based on data from WhaleStats, “Galion” has just accumulated a staggering total of 272,000,000,000 SHIB, in two separate transactions in the past 24 hours. The trader was active over 8 hours ago and added 100 billion Shiba Inu in the first transaction and 172 billion in the second. The average price of purchase was $0.0000109.
Shiba Inu flipped Basic Attention Token to become most traded token
Among large wallet investors on the Ethereum blockchain, Shiba Inu has flipped Basic Attention Token (BAT), a widespread blockchain-based medium of exchange used by advertisers, publishers and users of content, in trade volume terms. Shiba Inu is now the most widely traded cryptocurrency among deep-pocketed Ethereum whales.
Despite these bullish developments and the upcoming launch of Shibarium, the layer-2 scaling solution, Shiba Inu price continues to struggle. The meme coin has failed to make a recovery and yielded nearly 4% losses overnight.
Analysts at FXStreet, however, remain bullish on Shiba Inu. Tony Montpeirous, leading technical analyst at FXStreet believes that if the market is genuinely bullish, Shiba Inu price rally to the September high at $0.00001401 is likely. This would imply a 20% gain on Shiba Inu’s current price.
If the uptrend is invalidated, Shiba Inu could plummet to $0.00000800 and bears would effectively take control of the Dogecoin-killer asset. This marks a 30% decrease from the current price.