The two largest Ethereum whales have seized 271 billion Shiba Inu tokens. The latest whale purchase is significantly larger than last week, indicating the rapid accumulation of Shiba Inu by major wallet investors. Analysts are bullish on the altcoin price as Shiba Inu purchases increase after the recent pullback.
Shiba Inu price entered an uptrend for these two reasons.
As reported by Kriptokoin.com, the dog-themed meme coin Shiba Inu has emerged as a favorite among Ethereum’s big wallet investors. Two Ethereum whales added 217 billion altcoins to their portfolios, creating a bullish sentiment among investors.
Shiba Inu’s development team announced the launch of a combustion portal called Shibburn in conjunction with Ryoshi’s vision. Fans believe the news of major wallet investors’ burning portal launch and hoarding are two critical reasons for Shiba Inu’s current price rally.
$251,000 was burned in Shiba Inu tokens in the first 24 hours after the portal’s launch. The combustion effectively removes tokens from the circulating supply of the asset, fueling a shortage. In addition to burning, whale purchases that collect SHIB tokens are also considered bullish signs.
Major wallet investors on the Ethereum network chose Shiba Inu to diversify their portfolio holdings. Two Ethereum whales, “Bombur” and “BlueWhale0073”, have drawn 271 SHIB from the circulating supply. Whales now hold $1.4 billion in Shiba Inu tokens after several rounds of SHIB accumulation.
Altcoin price performance: Shiba Inu can rally 38%
Typically, purchases by whales are considered bullish for the meme coin price. Analysts evaluating the Shiba Inu price trend reveal a bullish outlook for the meme coin.
Analysts spotting an Adam and Eve pattern on the meme coin’s chart are predicting a 38% rally in the meme coin. So far, the pattern has not been confirmed, but analysts believe the long-term targets remain unchanged and see SHIB likely to retest $0.0005 on a price rally.
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