- Ethereum’s large wallet investors have accumulated $20 million worth of Shiba Inu within the past few hours.
- The top 1000 Ethereum whales now hold $1.79 billion worth of Shiba Inu tokens.
- Despite accumulation by whales, Shiba Inu failed to recover from the recent price drop.
- Analysts have predicted a rally in Shiba Inu and a retest of $0.000035 as the memecoin resumes its uptrend.
Ethereum holders have accumulated $20 million worth of Shiba Inu through the recent bloodbath. Analysts believe Shiba Inu could recover from its price drop and rally towards its target of $0.000035.
Ethereum whales bullish on Shiba Inu price
Based on data from WhaleStats, Ethereum’s large wallet investors, whales, have added $20 million worth of Shiba Inu to their portfolio. Whales have consistently scooped up Shiba Inu during crypto market bloodbaths, fueling a bullish outlook on the Dogecoin-killer.
The total Shiba Inu holdings of Ethereum whales now stand at $1.79 billion worth of SHIB. Shiba Inu has consistently constituted nearly 17% of Ethereum whales’ portfolio.
According to proponents, the news of Shiba Inu’s metaverse project, Shiba Lands is another bullish catalyst. Despite bullish catalysts, the Dogecoin-killer’s price is struggling to recover from the recent drop in price.
Cryptocurrency analysts at the YouTube channel CryptoTD evaluated the Shiba Inu price trend and predicted that after crossing the key level of $0.00002950, the memecoin has remained above moving averages. The analysts are bullish on the Shiba Inu price rally and set a $0.000035 for the memecoin, a 12% climb for the current level.
FXStreet analysts believe the Shiba Inu price trend could show signs of strength. The target for Shiba Inu price is $0.00005. Analysts argue that the point figure chart of Shiba Inu, used to predict price movements without considering time, shows no signs of a pullback.
Analysts believe Shiba Inu price is on track to $0.00005, and the first major profit-taking would occur at $0.00004, followed by a pullback before the Dogecoin-killer resumes its uptrend.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.