According to cryptocurrency analysis firm LookOnChain, two Shiba Inu (SHIB) whales spent $35.2 million to buy 1.356 trillion SHIB tokens. The whales used nine different wallets to make their respective purchases at $0.00002596 per coin.
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Despite the massive purchase, SHIB’s price has dipped following the whales’ $35.2 million buy. The popular dog-themed crypto is down 0.7% in the daily charts and 7.6% in the weekly chart. However, SHIB’s price is still up by 0.6% in the 14-day chart and 8.3% over the previous month. Moreover, SHIB has rallied by nearly 219% since June 2023.
Will Shiba Inu’s (SHIB) price recover over the next few days?
Despite the recent correction, many analysts anticipate SHIB to recover over the next few weeks.
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CoinCodex anticipates Shiba Inu (SHIB) to breach the $0.00003 this week, hitting $0.00003107 on Sunday, June 9, 2024. Moreover, the platform anticipates SHIB to hit a new all-time high of $0.00008723 on July 3, 2024. Reaching $0.00008723 from current levels would translate to a growth of over 241%.
Changelly also presents a bullish forecast for SHIB. The platform predicts the dog-themed crypto to hit $0.00003105 on Sunday, June 9, 2024. Moreover, Changelly also expects SHIB to hit a new all-time high soon. The platform forecasts SHIB to reach $0.00008766 on July 3, 2024.
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Both Changelly and CoinCodex anticipate SHIB to rally over the next few weeks, hitting a new all-time high in early July. However, there is a possibility that SHIB’s price will consolidate or go lower if market sentiment does not improve.