Shiba Inu Investor Activity: Heavy Accumulation Signals Potential Price Surge
An In-Depth Analysis of Shiba Inu’s Recent Accumulation Activity
In the realm of cryptocurrency, Shiba Inu enthusiasts are making a strong return, as recent on-chain analytics reveal significant accumulation by the token’s investors. The crypto community is abuzz with the transfer of a staggering 512 billion SHIB, highlighting renewed bullish sentiments around a token that has yet to see substantial gains this year.
The Impact of the 512 Billion SHIB Transfer
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According to data from Etherscan, a substantial movement of 512 billion SHIB tokens (valued at approximately $7.14 million) was recorded from a Kraken hot wallet to a mysterious wallet identified as 0x95a…4C4cE. This transaction has sparked speculation about strategic accumulation by Shiba Inu’s bullish investors. Generally, transferring tokens from a hot wallet to a cold wallet is an indication that investors are inclined to hold onto their assets for future gains.
This remarkable transaction has elevated the unknown wallet to the 38th position among the largest Shiba Inu holders. Further examination of on-chain data suggests that this wallet could potentially serve as Kraken’s cold storage, safeguarding its reserves. Following this transfer, the wallet has continued its activity, now holding 1.47 trillion SHIB (approximately $19.28 million), a significant increase from the initial deposit.
The ongoing trend of accumulation by Shiba Inu bulls, despite the coin’s current price stagnation, is a promising sign. Such activity could lead to a supply shock, potentially driving up SHIB prices. Furthermore, Santiment’s data indicates a current trend where outflows from exchanges are surpassing inflows, reinforcing the accumulation thesis.
Exchange Activity: A Closer Look at September Trends
On September 15, data reflected a notable shift, with 181.87 billion SHIB tokens being withdrawn from exchanges, contrasted with just 87.37 billion tokens being deposited. This trend underscores a growing preference among Shiba Inu investors to accumulate rather than liquidate their holdings. These investors appear to be capitalizing on the price dip with the expectation of future value increases, despite SHIB experiencing a nearly 40% decline year-to-date.
Potential for a 600% Price Rally for SHIB
Cryptocurrency analyst Javon Marks has forecasted a potential surge in Shiba Inu’s price, suggesting a possible 600% rally from its current levels. According to Marks, technical indicators suggest a near six-fold increase, targeting a price of $0.000081. This is despite some prevailing bearish sentiments surrounding the token. He pointed out that SHIB has exhibited a bullish pattern, supported by a bullish divergence in the MACD histogram.
Additionally, the fundamentals paint an optimistic picture for Shiba Inu’s future. The development team is on the verge of launching the LEASH v2 migration, which is expected to bolster the Shiba Inu ecosystem. In parallel, ShibaSwap’s recent upgrade to enable cross-chain access is anticipated to enhance SHIB’s functionality and utility.
At the time of this analysis, Shiba Inu’s price stands at approximately $0.00001306, reflecting a decline of over 5% in the past 24 hours, as per CoinMarketCap data.
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