Whale Interest in Shiba Inu Spikes: Will This Pump SHIB?

Whale Interest in Shiba Inu Spikes: Will This Pump SHIB?

Shiba Inu is one of the cryptocurrencies that has attracted attention from some of the biggest whales in the crypto space.

The top Ethereum whales have also been observed to own Shiba Inu holdings, according to the whale activity monitoring platform, WhaleStats.

There have been reports of a staggering 1.72 trillion SHIB being transferred from a Huobi wallet address to another unidentified wallet address earlier today. At the time of writing, that amount of 1.72 trillion SHIB is worth $19.4 million, plus the paltry fee of $4.63 paid by the sender.

SHIB is very popular among Ethereum whales and appears to be on its way to being more than just a meme coin. Shiba Inu has a powerful community and a growing number of projects within its ecosystem.

Chart showing top holders of SHIB, with #1 being SHIB's burn address | Source: <a href="https://etherscan.io/token/tokenholderchart/0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE"><u>Etherscan.io</u></a>
Chart showing top holders of SHIB, with #1 being SHIB's burn address | Source: Etherscan.io

According to the rich list compiled by Watcher Guru, 14 wallets hold an average of $100 million in SHIB, with the largest holding about $577 million worth of tokens. This wallet, owned by the largest whale, contains about $45.7 trillion SHIB, or about 5% of the total supply.

The top holder of SHIB is the Null or Burn address, holding about 41% of the total supply. The burn address only holds that much because Ethereum creator Vitalik Buterin sent the tokens donated to him after SHIB's creation.

Price Analysis of Shiba Inu

From a long-term perspective on Shiba Inu's charts, the cryptocurrency is one of the worst-hit cryptos on the market.

After hitting a high of $0.00009 in November 2021, Shiba Inu began a steep decline down a hole and landed at a low of $0.000008 in May of this year. This nosedive makes up a 90% drop in price from Shiba Inu's all-time high.

However, as with many other cryptocurrencies on the market, the price pattern of Shiba Inu has formed a bullish wedge and may be experiencing the consolidation that usually comes before a breakout.

Chart showing extended price consolidation on Shiba Inu | Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASHIBUSDT"><u>Tradingview</u></a>
Chart showing extended price consolidation on Shiba Inu | Source: Tradingview

Shiba Inu appears to have been trading sideways for a while now in an extended price consolidation and may be experiencing a breakout to the upside sooner than later.

Latest Projects on SHIB

SHIB has a powerful community. Several projects have sprung up in the SHIB ecosystem over the last few years, and the momentum seems nowhere near stopping.

Newer and more exciting projects have been announced to arrive soon, including projects like the Shibarium L2 upgrade.

Shibarium is the most anticipated upgrade in the ecosystem's history and will serve as Shiba Inu's Layer 2 protocol. With the Shibarium upgrade (set to arrive in q3 of 2022), the high transaction fees the network currently experiences will become a thing of the past.

Doggy DAO is another project on Shiba Inu's roadmap. At the time of writing, the Doggy DAO is now an active part of the Shiba Inu ecosystem and is already getting a good number of votes.

Other projects set to arrive on SHIB include Shiba Inu Game, ShibaSwap 2.0, and Shiba Inu Metaverse.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

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