Shiba Inu price: Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite


  • 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. 


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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP