A significant player in the Shiba Inu market has recently triggered interest by acquiring a large volume of meme tokens on Friday. On-chain records indicate that this trader has increased their SHIB holdings to an impressive $21.72 million after a period of inactivity, prompting market watchers to predict potential price rises as the cryptocurrency sector heads into the fourth quarter.
What Did the Whale Purchase?
Data from Arkham Intelligence reveals that on November 29, the Shiba Inu whale purchased 98.196 billion SHIB tokens, worth around $2.54 million, from the Coinone exchange. This purchase was made from a specific wallet address, known as 0x9d9f.
Will SHIB Prices Rise Soon?
The recent accumulation has led to heightened market activity, with the trader holding nearly $22 million in SHIB tokens. The price of Shiba Inu has seen a slight daily increase of about 2%, currently trading at roughly $0.00002595, alongside a notable 39% rise over the past month.
Moreover, the SHIB token‘s burn mechanism has seen a notable uptick, further encouraging positive price movements. According to CoinGape Media, should Bitcoin reach a valuation of $100,000, Shiba Inu could potentially climb to $0.000037, fueling optimism about its future performance.
- A whale’s purchase of 98.196 billion SHIB tokens could signal bullish sentiment.
- Current price trends show SHIB benefiting from broader market optimism.
- Increased token burn rates may also enhance price stability.
The recent actions taken by the Shiba Inu whale, combined with the favorable market conditions, have created a strong environment for potential price appreciation. As the cryptocurrency landscape evolves, investors are advised to keep a close eye on market dynamics and whale movements to capitalize on upcoming opportunities.