A major Shiba Inu whale has once again sparked noteworthy market intrigue as it was recorded heavily bagging the meme token on Friday. Notably, on-chain data showed that the trader significantly increased his holdings to $21.72 million worth of SHIB after one month of inactivity. In turn, market watchers anticipate further gains in SHIB price, primarily in light of the massive accumulation and a bullish Q4 for the crypto market.
Shiba Inu Whale Bags Heavily Indicating More Gains Imminent
As per on-chain data from Arkham Intelligence dated, November 29, a super Shiba Inu whale sacked 98.196 billion SHIB, worth $2.54 million, from the crypto exchange Coinone. Notably, per the data, the super whale address 0x9d9f.. was recorded as making huge transactions.
Meanwhile, the data also pointed out that this massive accumulation came following one month of inactivity by the address. It’s noteworthy that this holder has accumulated a whopping 83.63 million Shiba Inu tokens to date from the same crypto exchange since June of this year. The average price for the trader’s accumulation stands at $0.00001842.
Simultaneously, the latest on-chain data indicated that the trader held nearly $22 million worth of the dog-themed meme token. Overall, the massive accumulation has ignited a market frenzy, with investors anticipating further gains in the token’s price amid increased buying and market interest for the asset.
Will SHIB Price Hit $0.000037?
At the time of reporting, Shiba Inu price gained nearly 2% intraday and is trading at $0.00002595. The coin’s 24-hour low and high were $0.00002494 and $0.00002609, respectively. Notably, the weekly and monthly charts for the crypto indicated gains worth 5% and 39%, respectively. Overall, the meme coin surfs bullish tides mirroring market optimism, as seen by the abovementioned colossal buying.
It’s also worth mentioning that the crypto’s token burn mechanism appears to have bolstered the price movements. CoinGape Media reported that the SHIB burn rate soared phenomenally recently, adding to optimism about future movements.
Further, a Shiba Inu analysis by CoinGape Media has highlighted a $0.000037 price target for the token. This positive outlook primarily comes against the backdrop given BTC price hits $100,000 in this bull cycle. Besides, broader market sentiments remain bullish over future prices, with the bullish factors further indicating that a potential rally to $0.000037 for the coin may be imminent.
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