According to AI-driven crypto analysis firm Spot On Chain, an early Shiba Inu (SHIB) whale purchased $3.83 million worth of SHIB today. Previously, the whale had sold 167 billion SHIB tokens three years ago for $6.13 million. The whale had purchased 5.16 trillion SHIB on Mar. 21, 2021, for around $63,700. The wallet still holds $4.45 million Wrapped Ethereum (WETH) and may buy more SHIB tokens.
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The whale’s purchase coincides with SHIB rallying 10.1% in the daily charts, 0.5% in the 14-day charts, and 4.6% over the previous month. It is possible that the whale’s purchase has driven up the asset’s price. Nonetheless, SHIB is still down by 7.3% in the weekly charts.
Will Shiba Inu (SHIB) continue to rally?
SHIB faced a significant price correction last week but is slowly recovering. Many analysts anticipate the popular dog-themed crypto to continue on a bullish trajectory over the next few weeks. SHIB is currently down by nearly 70% from its all-time high of $0.00008616, which it attained in October 2021.
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According to CoinCodex, Shiba Inu (SHIB) could breach the $0.00007 mark by the end of this month. Moreover, the platform predicts SHIB to hit a new all-time high of $0.00008768 on July 3, 2024. Reaching $0.0000from from current levels would translate to a growth of about 234.7%.
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Changelly also anticipates Shiba Inu (SHIB) to rally over the next few weeks. However, the platform does not expect SHIB to hit a new all-time high. According to Changelly data, SHIB will hit $0.00008156 on July 2, 2024.
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