According to the data from Etherscan.io, a Shiba Inu (SHIB) whale has purchased 237 billion SHIB tokens, valued at around $6.3 million. The whale wallet currently holds about $11.2 million worth of Ethereum (ETH), SHIB, and FTT.
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The whale purchase comes amid SHIB’s slight recovery after the recent market correction, fuelled by Iran’s attack on Israel. Despite a 2.8% correction in the daily charts, SHIB’s price has rallied 23% over the previous week.
Will Shiba Inu (SHIB) rally soon?
The whale may be anticipating a bullish outlook for Shiba Inu (SHIB). The asset is one of the most popular cryptocurrencies in the market and has seen a significant rise earlier this year. SHIB is currently the 12th largest crypto project by market cap, sitting behind Cardano (ADA). SHIB’s journey to the 12th place was fuelled by BTC hitting a new all-time high in March. BTC’s rally, on the other hand, was due to increased inflows into spot BTC ETFs, which the US SEC (Securities and Exchange Commission) approved in January this year.
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According to CoinCodex, Shiba Inu (SHIB) might rally over the next few weeks, hitting $0.00003967 on Apr. 30, 2024. Furthermore, the platform anticipates SHIB to hit a new all-time high of $0.00009054 on May 21, 2024. Hitting $0.00009054 from current levels would translate to a growth of about 239%.
Changelly also paints a bullish picture for Shiba Inu (SHIB) over the next few weeks. The platform anticipates SHIB to hit $0.00004026 on Apr. 29, 2024. Moreover, Changelly also anticipates the popular dog-themed cryptocurrency to hit a new all-time high in May. The platform predicts SHIB to reach $0.00009201 by May 20, 2024.