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Massive SHIB Movement Ignites Market Speculation: Is A Big Surge On The Horizon?

Shiba Inu (SHIB) is capturing significant attention following a colossal transfer of tokens and a prediction of a bullish breakout.

This event has piqued the curiosity of both traders and analysts alike, sparking debates and expectations about the future trajectory of this popular meme coin.

Large SHIB Token Transfer Sparks Speculation

Recently, the crypto community witnessed an extraordinary transaction involving the movement of nearly two trillion SHIB tokens from the trading platform Robinhood to an undisclosed wallet.

This transfer, identified by Whale Alert, a blockchain tracking service, involved two tranches of 875 billion SHIB each, culminating in a total of 1.75 trillion SHIB. Valued at approximately $39.2 billion, this movement has led to rampant speculation about the potential implications for the SHIB market.

The timing and scale of this transaction have raised questions about its motives, whether it be a strategic move by a major investor or simply a reallocation within diverse portfolios. The lack of clarity surrounding the destination wallet adds intrigue and uncertainty within the trading community.

Bullish Forecasts Amidst Market Corrections

Amidst this massive token movement, cryptocurrency analysts have been closely monitoring SHIB’s performance. Notably, Ali Charts, a respected figure in the crypto analysis sphere, has projected a potential bullish breakout for SHIB.

Ali suggests that SHIB could reach as high as $0.000072323 and advises traders to consider buying around the $0.000018343 mark to capitalize on the anticipated surge.

Shiba Inu (SHIB) price chart on TradingView

Meanwhile, Shiba Inu’s 8% decline last week, juxtaposed with a 7.8% increase in the past day, illustrates the volatile nature of meme coin investments.

Analysts like Bunchhieng have recently speculated that Shiba Inu could reach $0.0001. This projection is based on SHIB’s 2021 rally patterns, suggesting a repeat could propel the meme coin to new highs.

Bunchhieng emphasized that similar historical trends might lead to significant price movements for Shiba Inu, considering the increased burn rate that could positively impact its valuation.

Addressing skepticism regarding SHIB’s market cap and potential growth, Bunchhieng reassured that the crypto sector often defies conventional expectations, opening possibilities for substantial gains.

Adding to the optimistic forecasts, notable cryptocurrency investor Armando Pantoja predicted that SHIB could climb to $0.001 by the end of 2025, citing long-term growth factors and market dynamics.

Featured image from Unsplash, Chart from TradingView

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Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t?

Shiba Inu (SHIB) whales have been busy in the market lately, as on-chain data suggests that they are positioning themselves for more moves to the upside from the meme coin. This development comes as the crypto token inches close to its all-time high (ATH). 

Shiba Inu Whale Accumulates 332 Billion SHIB Tokens

On-chain data shows that over 332 billion SHIB was sent from the trading firm Cumberland to a wallet linked with the crypto trading platform Robinhood. While the nature of the transaction remains unclear, further data from Etherscan shows that the Robinhood-linked wallet has been accumulating SHIB on a large scale these past few days. 

Besides the single transaction of 332 billion SHIB, the wallet has also seen millions of SHIB tokens flow into it. A plausible explanation is the fact that the trading platform is seeing increased interest in the meme coin from its customers and has had to stack up on its SHIB holdings. Data from Arkham Intelligence shows that Robinhood holds almost 40 trillion SHIB tokens.  

Meanwhile, Robinhood looks to be just one of many platforms on which SHIB trading has heightened. On-chain data shows that crypto exchange Crypto.com has significantly increased its SHIB holdings in the last 24 hours. Notably, there was an inflow of 2 trillion SHIB tokens sent from one of the crypto exchange’s hot wallets to another. 

NewsBTC had recently reported that SHIB had seen a 20 times increase in March from its February average of daily new addresses. Therefore, it is not surprising that there is an increase in SHIB trading on these platforms. 

This explosion in SHIB’s adoption is believed to be due to the parabolic surge in the meme coin’s price this month, with investors looking to position themselves ahead of more potential price surges. 

Shiba Inu’s Price Expected To Keep Rising

Crypto analyst Ali Martinez recently laid out a scenario where SHIB’s price could rise to as high as $0.000052. Moreover, the crypto token looks to be reclaiming the support level of $0.000033, which the analyst highlighted as critical. SHIB’s bullish momentum is buoyed by the fact that meme coins are gaining traction as one of the leading narratives in this bull cycle.

Crypto analyst MichaÍl van de Poppe also mentioned that altcoins like SHIB are still undervalued, meaning there is still room for a further upward trend. The analyst expects these crypto tokens to break their ATH or move close to it when they make their next run. 

At the time of writing, SHIB is trading at around $0.00003256, up in the last 24 hours according to data from CoinMarketCap.

Shiba Inu price chart from Tradingview.com

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Shiba Inu Whales Are Moving SHIB Again, Bearish Or Bullish?

Shiba Inu whales have been seen moving a large amount of SHIB on-chain once again. These movements come at a time when the price of the meme coin is on the rise, raising concerns about whether these large holders have decided to start selling their large stacks of coins.

Shiba Inu Whales Start Moving Coins

Over the last few days, whale tracker Whale Alert has reported two large Shiba Inu transactions carrying a massive amount of coins. The first was reported on October 31 where a single transaction was spotted carrying over 4.47 trillion SHIB worth $35.35 million at the time.

The next transaction came a day later on Wednesday, November 1, where another transaction carrying a large amount of SHIB was recorded. This transaction was similar to the first in that it was carrying 4.46 Trillin tokens. The dollar figure was however a little lower at $33.9 million at the time of the transaction.

These two transactions were some of the largest transactions so far for the coin in the last few months, and naturally, drew the concern of investors due to their destination. The origin and destination of these transactions can often tell if they’re eventually bullish or bearish for the SHIB price.

More Bullish Than Bearish For SHIB

Looking at the origin and destination of each transaction shows a higher tendency for it to be bullish than bearish for the coin. The first transaction was actually moved from an unknown wallet to another unknown wallet. This could suggest that the owner is moving the coins to other wallets for safekeeping.

However, there is also the possibility that this was an over-the-counter (OTC) sale. Even so, such sales are carried out in a bid to not affect the market price of a coin by not dumping the coins on the open market, which minimizes the impact.

The second transaction is even more bullish given that it is a withdrawal from a centralized exchange. As Whale Alert shows, the transaction was actually the movement of coins from the Bitvavo crypto exchange to a private wallet, which suggests accumulation.

Given that both of these transactions are not showing any indications of selling, it is likely that these whales are still keeping the faith and holding on to their coins. In such a case, it is more bullish than bearish for Shiba Inu.

Shiba Inu is still trading at a fairly high price of $0.0000079 after jumping 3.93% in the last 24 hours. However, it is performing much worse on the weekly chart with 1.53% losses.

Shiba Inu price chart from Tradingview.com

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Shiba Inu Accumulation: You Won’t Believe How Much SHIB Whales Have Bought

Shiba Inu is up by 12.15% in a 7-day timeframe as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has shown that accumulation has been going on for a while, with SHIB whales now accumulating $300 million in the past three months. 

Shiba Inu Whales Have Been Accumulating Large Amounts Of SHIB

On-chain data from IntoTheBlock has shown that SHIB whales, meaning large holders, have been accumulating huge amounts of SHIB over the last few months. Large holders in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of circulating supply) and 47 investors (those with more than 0.1% of circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around $300 million worth of SHIB in just the last 90 days.

Data from the on-chain tracker Whale Alerts has shown various massive transfers during this time period. When investors accumulate large amounts, it often signals an incoming price rally. 

These massive accumulations by large holders point to their bullish belief in SHIB, despite the crypto having a weak momentum before the ongoing spike in the crypto market. 

This accumulation can, for the most part, be traced back to the introduction of Shibarium. The layer-2 solution developed by Shiba Inu, known as Shibarium, has had a good deal of success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.

SHIB Future Outlook

SHIB has had a price spike in relation to the ongoing inflow of funds into the crypto market currently being spearheaded by Bitcoin. At the time of writing, SHIB is trading at $0.00000784 after facing rejection at the $0.0000082 mark. 

Bulls have defended the $0.0000061 support level and $0.0000077 levels very strongly to form support after the price tested the latter level multiple times. A sustained move above $0.0000082 could send SHIB skyrocketing to its August high of $0.00001137.

Large SHIB holders now hold 71% of the total circulating supply, and some of them can manipulate the price to their advantage. While whale accumulation is a positive sign, there are other things to consider regarding SHIB’s price outlook. On the other hand, the Shiba Inu developers and team leaders have pointed at upcoming projects in the ecosystem, one of which is a stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a strong SHIB price spike.

XRP price chart from Tradingview.com (Crypto analyst XRP price prediction)

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Over $28 Million In SHIB Withdrawn From Exchanges Ahead Of Shibarium Launch

The Shibarium Layer-2 upgrade is launching any day now, and it looks like some big SHIB players are making moves ahead of the launch. According to on-chain data, over $28 million in SHIB tokens have been withdrawn from major crypto exchanges in the just concluded month of July. 

Massive Withdrawals Signal Investor Interest in Shibarium

According to data shared on Twitter by crypto analyst Ali Martinez, backed up by on-chain chart data from IntoTheBlock, around 3.30 trillion SHIB were withdrawn from known crypto exchanges in July, the highest SHIB withdrawal rate in recent months. The chart’s data also shows that the circulating supply of the token within exchanges fell from 86.69 trillion to around 83 trillion by the end of the month.

July 19 saw the most significant withdrawal from exchanges, with more than two trillion tokens going into unknown wallets. According to on-chain data from @WhaleAlert, an Ethereum whale transferred 2.4 trillion SHIB tokens worth $18.7 million from Binance.US into an unknown wallet. With the price of the token up by 10% since then, the whale’s SHIB holding is now valued at more than $20 million. 

These massive SHIB withdrawals can be traced to the announcement of the Layer 2 blockchain, Shibarium, which is expected to help minimize gas fees and increase the transaction speeds of the blockchain.

Shiba Inu (SHIB) price chart from Tradingview.com

While there’s still no official launch date for Shibarium yet, the high rate of withdrawals likely signals that SHIB investors are reducing the selling pressure and want to hold their tokens in private wallets in hopes of what the Shibarium launch might bring. 

Withdrawals From Exchanges Reduces Selling Pressure On SHIB

When SHIB is withdrawn from exchanges, it can’t be readily sold. This reduces the available supply of SHIB for sale, putting upward pressure on the price. When whales transfer such high amounts into self-custody, it frequently results in massive price changes and a rise in interest from other investors. This flurry of withdrawal into self-custody demonstrates the strength of the SHIB community and their faith in SHIB’s future.

The meme-inspired token has gained quite a lot of community and has led the entire crypto industry in gains for the past two weeks. Shibarium’s launch is anticipated and SHIB holders want to make sure they capitalize on everything the new scaling solution will offer. 

At the time of writing, SHIB’s market cap is nearing $5 billion after it recently retook the 14th position by market cap. The meme coin is trading at $0.000008314 and is up by 7.55% in the past seven days.

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Shiba Inu Enjoys 8% Spike In Price In Last 7 Days, As SHIB Social Media Interaction Soars

Over the past week, Shiba Inu (SHIB) surged by 8%. In fact, even though the bearish market prevails, Shiba Inu is still performing at its peak.

  • SHIB’s social metrics up by 1.43%
  • Despite Shiba Inu’s social dominance, ROI is down
  • SHIB whales on a shopping frenzy

Social media chatter provides that much needed oomph for Shiba Inu (SHIB), triggering a pump in prices. The amplified whale interest plus metaverse updates certainly gave SHIB that push.

The increased hype around SHIB could be because of the Whalestats announcement via a tweet stating that SHIB was able to outperform other meme coins and is now on the top rank or first in terms of tokens that are held by the top 500 ETH whales.

SHIB Enjoying A Pump In Social Media Metrics

Amazingly enough, SHIB has also registered a spike of 8% in terms of social mentions plus a 10% surge in social engagements. Overall, social media sentiment circling SHIB has been positive all throughout.

The chart shows that there is a market volatility seen in terms of SHIB’s social dominance which is currently at 1.43%.

Chart: Santiment

SHIB tokens are also increasingly burnt and stats on September 5 show that there are over 51 million SHIB tokens burned so far which gives a positive impact on the meme coin. With that in mind, SHIB tokens will also increase in value over the long haul.

There is an oversupply of SHIB with its total supply amassing 1 quadrillion which also explains the increase in burn initiatives.

Shiba Inu Whales On Shopping Frenzy

The increase in burnt tokens plus the boost in social media attention have not affected the volume of SHIB tokens with the meme coin’s volume looking stable and with a surge seen in September 4. Around 300 million SHIB tokens were burned this early in September.

In fact, in just 24 hours, it only took around 35 transactions to burn 102k tokens which show as much as a 65% increase in burn rate. Incredibly so, around 528 transactions were enough to burn roughly 3.7 billion SHIB tokens further increasing its scarcity level.

Remarkably, whales went on a shopping frenzy for SHIB tokens. In fact, one SHIB whale just made a 2-trillion SHIB transfer which is equivalent to as much as $22 million.

While the social media metrics of SHIB is in flying colors, the ROI aspect isn’t doing so well. Only 28% of Shiba Inu investors reaped profits, while 66% experienced losses, and 6% made a break-even. Additionally, Shiba Inu has dropped by more than 85% from its ATH.

SHIB total market cap at $6.5 billion on the daily chart | Source: TradingView.com
Featured image Fintechs.fi, chart from TradingView.com

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Top Ethereum Whales Now Hold Almost $1.5 Billion Worth Of SHIB

Shiba Inu still remains a whale favorite going by the activities of the top Ethereum whales in recent days. These whales seem to be undeterred by the low prices of the meme coin and rather continue to buy the digital asset in the millions. The latest purchase from an Ethereum whale has the community at the edge of its seat as one whale singlehandedly bought almost $5 million worth of the cryptocurrency, showing that interest in it has far from waned.

Ethereum Whale Hoards SHIB

A report from WhaleStats showed an enormous Shiba Inu purchase by an Ethereum whale. This whale known as “Bluewhale0073” made the purchase on Monday and has bought 193,098,244 SHIB in the transaction. It came out to a total dollar value of $4,821,938 at the time of this purchase.

🐳 ETH whale "BlueWhale0073" just bought 193,419,098,244 $shib ($4,821,938 USD).

Ranked #5 on WhaleStats: https://t.co/RBupemZyZX

Transaction: https://t.co/dcjl0mldog#SHIB #ShibArmy

— WhaleStats – BabyWhale ($BBW) (@WhaleStats) April 18, 2022

Related Reading | TA: Ethereum Reaches Key Inflection Zone, $3,100 Is The Key

This purchase had brought the total amount of SHIB held by the top 1,000 Ethereum whales to $1,602,881,412. This makes it the most widely held token by the top Ethereum whales. Additionally, the Shiba Inu contract had made it onto the list of the top 10 contracts that the whales had interacted with for the past day. 

The token is now ahead of FTX Token as the highest holding by dollar value. It is also 5th on the top 10 most purchased tokens by the top 1,000 ETH whales in the last 24 hours.

On Monday, another Ethereum whale, known as “Bombur” had also purchased 50,520,317,707 SHIB for $1,241,789. This marks an accumulation trend among these top whales when it comes to Shiba Inu.

🐋 ETH whale "Bombur" just bought 50,520,317,707 $shib ($1,241,789 USD).

Ranked #20 on WhaleStats: https://t.co/3ADbDHvWPW

Transaction: https://t.co/ctZQVa0naq#SHIB #ShibArmy

— WhaleStats – BabyWhale ($BBW) (@WhaleStats) April 18, 2022

Shiba Inu On The Charts

Despite the reviewed interest in the cryptocurrency, it is not faring as well as expected on the charts. Shiba Inu continues to trend around the $0.00002 level, showing reduced momentum at this point. This has put the digital asset below its 50-day moving average. And for an asset like SHIB which thrives on hype, falling below this point can signal more downtrend to follow. 

SHIB trending at $0.000025 | Source: SHIBUSD on TradingView.com

A flash dip in the early hours of Monday had seen its price dip to $0.000023 but presumably, the activity from the Ethereum whales had helped boost the price back up. Nevertheless, the meme coin continues to trade more than 60% below its previous all-time high.

Related Reading | Crypto Market Cap Falls By $80 Billion In A Day As Bitcoin Dumps Below $40K

At the time of this writing, SHIB is trending at $0.000025 with a total market cap of $13.7 billion. It is now the 15th largest cryptocurrency by market cap, having fallen behind competitor, Dogecoin.

Featured image from Watcher Guru, chart from TradingView.com