SHIB has entered the historic ‘Demand Zone’ for the first time since October 2021, according to analysts. In this environment, one of the biggest ETH whales bought a huge amount of Shiba Inu (SHIB). Also, whales’ interest is growing as the Consolidation for the leading altcoin approaches and the price drops.
A large whale buys 356 billion Shiba Inu
According to WhaleStats, Ethereum whale ‘BlueWhale0073’ has amassed 356.07 billion SHIB tokens in one big transaction. Analysts say that SHIB has entered the historical “Demand Zone”, namely $0.000000511 to $0.000000951. This is why whales are trying to take advantage of discounted prices, as we have reported as Kriptokoin.com .
Data from WhaleStats shows that the largest ETH whale, BlueWhale0073, received a total of 356.07 billion SHIB worth $3 million. “BlueWhale0073” ranks 690th largest among 1,000 ETH wallets tracked by WhaleStats.
SHIB price performance
On June 11, the Shiba Inu broke below the critical support zone (previous resistance) at $0.000000951 on the daily chart. Crypto analyst Zabi says that after the breakout, SHIB hit a new low at $0.00000743. According to the analyst, it marks SHIB’s entry into the historic ‘Demand Zone’ ($0.00000511 – $0.000000951) for the first time since October 2021.
Previously, the SHIB price consolidated in the indicated region for almost five months, i.e. from May to October 2021. Subsequently, the altcoin price experienced a breakout from this range on October 4, 2021. This helped SHIB skyrocket and reach the ATH level of $0.00008845 on October 28, 2021.
Shiba Inu is, at press time, the 16th largest cryptocurrency by market cap. However, it deleted 91.56% of the gains it had made since October 2021. This comes after widespread selling in the global crypto market worsened on June 13. Meanwhile, the crypto market has dropped below $1 trillion for the first time since November 2021, when it reached $3 trillion.
Merger nearing for leading altcoin
According to crypto analyst Newton Gitonga, Ethereum’s highly anticipated Merger is finally close to fruition. This is creating volatility in the altcoin as investors buy the ETH drop to avoid missing the train. The analyst makes the following assessment:
Expansion and growth in the fall of 2017 brought some challenges. Later, the “metropolis phase” was launched, aimed at solving them. Since then, it was clear that the carbon footprint had to be reduced by around 99% for the network to receive the global attention it deserved.
The altcoin team has since made a few upgrades to the current “serenity phase”. This phase is a work in progress since January 2020. It mainly focuses on reducing network congestions as well as the constant high energy consumption issue that comes with the PoW mechanism. As such, consolidation is the final phase of Ethereum’s Proof of Stake (POS) transition. Last week, Ethereum developers successfully ran “Ropsten”, the first of three main tests, before completing the merge.
Consolidation will not only reduce energy consumption in the network. It will also improve the existing token burning mechanism. These, in turn, will theoretically help increase ETH prices. In addition, Eth 2.0 is envisioned to be more secure, sustainable and scalable. Therefore, Eth 2.0 staking services are one of the hottest topics in crypto right now. In addition to this, perhaps the reason why the merger is intrigued by many crypto fans.
Leading altcoin Ethereum whales buy bottom
According to data from IntoTheBlock, ETH’s trading volume has been on a downward trend over the past two months. Despite this, the balance of addresses holding between 0.01-0.1 ETH has increased by 3.35% in the last 30 days. According to the analyst, this means that individual accumulation is increasing.
Individual conglomerate 1-10 ETH and 10-100 ETH are on the same accumulation trajectory, Santiment reported last week. In this way, individuals have steadily increased their holdings over the past 6 months.
Santiment also reported that Ethereum’s top ten non-exchangeable addresses maintain a higher rate of ETH than swap whales. According to the analytics firm, this means whales don’t want to let go of their cryptocurrencies, which is a great recipe for stabilizing prices.
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