- Ethereum whale spent $1.2 million on accumulating 49.9 billion SHIB tokens.
- Shiba Inu token can now be purchased at 4000 ATMs across the US and Brazil through Coin Cloud.
- SHIB ranked in the top 10 trending coins in Asia for the first two weeks of October 2021.
- With 637,366 mentions on crypto Twitter, SHIB ranks second in social dominance in the past week.
Shiba Inu accumulation by whales continues as the memecoin prepares to breakout. The Dogecoin-killer is trending on social media, second to Bitcoin in popularity.
Analysts expect 100% gains in SHIB price as whales continue accumulating
A large wallet investor identified as an Ethereum whale spent $1.2 million and bought 49.9 billion SHIB tokens on Binance earlier today. SHIB price plunged after a massive rally in the memecoin; whales accumulated the Dogecoin-killer throughout the dip.
Historically, a dip in SHIB price is followed by whale accumulation and a second leg up. Traders are expecting another bullrun in SHIB.
Updates in the SHIB ecosystem include the naming feature for “Shiboshis” (10,000 NFTs minted on ShibaSwap) and the ability to purchase the memecoin across Coin Cloud ATMs.
Coin Cloud is considered the world’s largest network of two-way digital currency machines, with 4000 ATMs across the US and Brazil. The ATM network now supports SHIB. This makes SHIB more accessible for users and boosts its utility.
Coin Cloud shared the news on its Twitter handle:
You’ve been hearing all about #ShibaInu (SHIB) lately, but can’t figure out how to get some? We get you. It’s complicated and confusing. Until now! Here’s the easiest way to buy Shiba Inu Coin (and the fastest, too!) https://t.co/eB6xhQRhrg pic.twitter.com/rqMK7dDk4x
— Coin Cloud (@CoinCloudDCM) October 15, 2021
SHIB’s popularity among traders on social media hit a peak with its massive rally. The memecoin’s social dominance is second to Bitcoin, and CoinGecko has listed SHIB as one of the top 10 trending cryptocurrencies in Asia (Oct 1-Oct 15).
@army_shiba, a cryptocurrency analyst and SHIB trader, expects the altcoin’s price to increase 100% and hit the next target of $0.00005.
This is the price range for $SHIB!
— $SHIB KNIGHT (@army_shiba) October 16, 2021
It is accumulating in .2100 and .3500 channel!
If it breaks the resistance, next target will be around .5000's!
As $SHIB already did around 4 - 5x'es in less than a month, accumulation is quite normal I can say. pic.twitter.com/JVUBhAkEHb
FXStreet analysts have evaluated the SHIB price trend and predicted that Shiba Inu would resume its bull trend as it trades on a stable support.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.