Shiba Inu: Early Investor Buys $3.8 Million SHIB, Price Jumps 10%

Paigambar Mohan Raj
Source: Watcher Guru

According to AI-driven crypto analysis firm Spot On Chain, an early Shiba Inu (SHIB) whale purchased $3.83 million worth of SHIB today. Previously, the whale had sold 167 billion SHIB tokens three years ago for $6.13 million. The whale had purchased 5.16 trillion SHIB on Mar. 21, 2021, for around $63,700. The wallet still holds $4.45 million Wrapped Ethereum (WETH) and may buy more SHIB tokens.

Also Read: Shiba Inu: $100 Weekly Since Launch Turns to $594 Million in 2024

The whale’s purchase coincides with SHIB rallying 10.1% in the daily charts, 0.5% in the 14-day charts, and 4.6% over the previous month. It is possible that the whale’s purchase has driven up the asset’s price. Nonetheless, SHIB is still down by 7.3% in the weekly charts.

Source: CoinGecko

Will Shiba Inu (SHIB) continue to rally?

shiba inu cryptocurrency coin
Source: Unsplash

SHIB faced a significant price correction last week but is slowly recovering. Many analysts anticipate the popular dog-themed crypto to continue on a bullish trajectory over the next few weeks. SHIB is currently down by nearly 70% from its all-time high of $0.00008616, which it attained in October 2021.

Also Read: Shiba Inu: You Could Have Made $143 Million With $4.5k in SHIB

According to CoinCodex, Shiba Inu (SHIB) could breach the $0.00007 mark by the end of this month. Moreover, the platform predicts SHIB to hit a new all-time high of $0.00008768 on July 3, 2024. Reaching $0.0000from from current levels would translate to a growth of about 234.7%.

Source: CoinCodex

Also Read: ChatGPT 4o Shares 2 Factors That Can Push Shiba Inu Above $0.0001

Changelly also anticipates Shiba Inu (SHIB) to rally over the next few weeks. However, the platform does not expect SHIB to hit a new all-time high. According to Changelly data, SHIB will hit $0.00008156 on July 2, 2024.