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A notable Shiba Inu whale captured market attention by making substantial purchases of the meme token on Friday. On-chain data reveals that the trader elevated their SHIB assets to $21.72 million after a month of inactivity. Market observers anticipate that this significant accumulation, combined with the bullish outlook for the cryptocurrency market in the fourth quarter, will lead to a rise in SHIB prices.
High Purchases by Major Shiba Inu Whale
According to Arkham Intelligence data, on November 29, a Shiba Inu whale acquired 98.196 billion SHIB tokens, valued at approximately $2.54 million, from the Coinone exchange. These substantial transactions were executed by the whale address 0x9d9f.
The data also indicates that this large accumulation occurred after a month of inactivity from the address. The investor has collected a total of 83.63 million Shiba Inu tokens from the same exchange since June, with an average purchase price of $0.00001842.
Expected Increase in SHIB Price
Recent on-chain data shows that the trader holds nearly $22 million worth of the dog-themed meme token. This significant accumulation has sparked activity in the market as investors expect an increase in the token price.
Following these activities, Shiba Inu’s price is trading at approximately $0.00002595, reflecting about a 2% daily increase. The cryptocurrency exhibits a weekly gain of 5% and a monthly increase of 39%.
Furthermore, it has been noted that the token burn mechanism supports price movements. According to CoinGape Media, the SHIB burn rate has significantly increased recently, fostering optimism for future volatility.
An analysis by CoinGape Media suggested that if BTC prices reach $100,000 in this bull market, SHIB could rise to $0.000037. The overall positive market expectations indicate that potential upward movement for the token is imminent.
Current Status and Outlook
Overall, the substantial purchases by the Shiba Inu whale and the favorable market atmosphere bolster expectations for an increase in the token’s value. Investors are closely monitoring SHIB’s future performance.
In light of these developments, it is crucial for Shiba Inu investors to track market trends and whale activities to stay informed about potential opportunities.
