The Super Shiba Inu Whale has sparked market discussion by hoarding tokens. Analysts predict a target price of $0.000037 for SHIB.
A large Shiba Inu whale has once again captured market attention as it was recorded buying a large amount of the meme token on Friday. Notably, on-chain data showed that the trader significantly accumulated $21.72 million worth of SHIB after a month of no transactions. In turn, market observers expect SHIB prices to rise further, mainly due to the massive accumulation and the bullish fourth quarter of the cryptocurrency market.
Shiba Inu Whale bag volume increases significantly, signaling more gains to come
According to Arkham Intelligence’s on-chain data on November 29, a super Shiba Inu whale robbed 98.196 billion SHIB, worth $2.54 million, from the cryptocurrency exchange Coinone. It is worth noting that according to the data, the super whale address 0x9d9f.. was recorded as conducting huge transactions.
At the same time, the data also pointed out that this massive accumulation occurred after a month of inactivity at the address. Notably, this holder has accumulated 83.63 million Shiba Inu tokens from the same cryptocurrency exchange since June this year. The average price accumulated by the trader was $0.00001842.
Meanwhile, the latest on-chain data shows that the trader holds nearly $22 million worth of dog-themed meme tokens. Overall, the massive accumulation has sparked market frenzy, and as buying volume and market interest in the asset increase, investors expect the token price to rise further.
Will SHIB Price Reach $0.000037?
As of this writing, Shiba Inu price is up nearly 2% intraday and is trading at $0.00002595. The coin’s 24-hour low and high are $0.00002494 and $0.00002609, respectively. Notably, the cryptocurrency’s weekly and monthly charts show gains of 5% and 39%, respectively. Overall, the meme token is riding the bullish trend of the market’s optimistic sentiment, as can be seen from the aforementioned huge purchases.
It is also worth mentioning that the cryptocurrency’s token destruction mechanism also seems to be driving price movements. CoinGape Media reported that the SHIB destruction rate has recently surged, adding to optimism about future trends.
Additionally, CoinGape Media’s Shiba Inu analysis highlighted a price target of $0.000037 for the token. This optimistic outlook is mainly based on the BTC price reaching $100,000 in this bull run. Additionally, the broader market sentiment remains bullish on future prices, with bullish factors further suggesting that the token could be about to rise to $0.000037.
