Shiba Inu (SHIB) Whales Bagged $10 Million in SHIB; Can it Reach the $0.0001 Level?

Shiba Inu (SHIB) faced substantial bearish pressure in late May, while meme coins like Pepe (PEPE) and Floki Inu (FLOKI) enjoyed the spotlight. Even though the global crypto market cap increased slightly in early June, SHIB's demand remained low.

However, on May 29, Shiba Inu (SHIB) soared to $0.00002955 from $0.000023, marking a 20% uptick in six days. Unfortunately, the uptick was short-lived, and SHIB plummeted again, slipping to $0.000022 on June 4.

But the tides seem to be changing, as Shiba Inu is by 2% today, trading at $0.0000257, as of 8:04 AM EST today, June 6, 2024.Whales have also moved $10 million worth of SHIB coins. Given the improved market situation, can Shiba Inu rally to $0.0001?

Whales Make Massive SHIB Purchases: What's Next for Shiba Inu?

In recent activity, crypto whales have purchased significant Shiba Inu (SHIB) coins. SpotOnChain revealed that a whale with the wallet address tagged 0x520 exchanged 1,593 WETH for 234.136 billion Shiba Inu tokens (SHIB).

This transaction is valued at $6.07 million, and the average price of this purchase was $0.00002593 per SHIB.

Interestingly, the wallet 0x520 is connected to other significant crypto wallets, specifically 0x761 and 0x913. These wallets have bought substantial amounts of Shiba Inu (SHIB) coins.

Wallet 0x761 was an early SHIB investor who bought 5.16 trillion tokens in March 2021 for 45 Ethereum worth $63,700. Later, 165.36 billion SHIB tokens were moved from 0x761 to 0x520 and sold in October 2021 for a significant profit.

Additionally, on June 5, 2024, wallet 0x913 invested 1,000 WETH ($3.83 million) for 149.3 billion SHIB tokens. Like 0x520, 0x913 had also received SHIB tokens from 0x761 in 2021.

These transactions suggest a possible coordinated strategy or shared ownership among the three wallets. Together, their activities amount to nearly $10 million in SHIB purchases.

Impact on SHIB's Price

The substantial purchases of SHIB by these whales could significantly impact the meme coin's price.

Large transactions like these typically exert significant buying pressure and improve market sentiment, increasing demand and price. Therefore, the recent whale accumulation suggests a bullish outlook for Shiba Inu.

Shiba Inu Burns Millions of Tokens: Does This Mean a Price Increase?

The Shiba Inu ecosystem has maintained its token burn commitment, often removing many coins from circulation. Over the past day, a whopping 4,829,147 SHIB tokens were burned in seven transactions, a 3,894% increase in the burn rate compared to yesterday.

This sudden burning surge comes after a recent drop in the burn rate. So, what is influencing this increase? According to Santiment data, this burn rate increase is due to recent whale accumulation. Santiment discovered that the number of Shiba Inu transactions worth $100,000 and above skyrocketed this week.

This spike in SHIB buying activity must have triggered the increase in burning transactions.Historically, burns are attributed to reduced supply, which can introduce scarcity and possibly boost a token's price. So, the latest spike in burn rate could positively impact Shiba Inu's price.

SHIB Price Analysis: Bullish Signals Indicate Potential Upswing

Despite the ongoing downturn, several technical indicators suggest an imminent bullish trend. Firstly, SHIB is trading above its 50-day and 200-day Simple Moving Averages (SMA), suggesting sustained buy pressure.

Moreover, these moving averages could hold considerable buy activity, supporting and shielding SHIB from further declines.

The Price Volume Trend (PVT) is over 191,000, indicating intense buying pressure. It suggests that more people are accumulating SHIB, a positive sign for the coin's future price movement.

The Moving Average Convergence Divergence (MACD) is above the signal line, which confirms the bullish sentiment.

Furthermore, the SuperTrend indicator is showing a buy signal, adding to the overall bullish sentiment in the market. Despite today's slight dip, SHIB is showing strong bullish signs, and if sustained, itcould see an upward trend soon.

Of course, the crypto market is unpredictable, so monitoring its development is essential. In the meantime, a new presale meme project tagged PlayDoge could be worth purchasing for those looking to diversify while waiting on Shib's rally.

PlayDoge Fetches Over $2.6 Million in Presale: Meme Coin on the Rise?

PlayDoge aims to combine the fun of meme culture with real-world utility. Showing its allure, PlayDoge ($PLAY) has just crossed a significant milestone.

In just days, the PlayDoge presale has raised more than $2.6 million, sparking questions about its potential for explosive growth. Given this presale speed, pundits think PlayDoge could be the next 10x meme coins once it hits crypto exchanges.

PlayDoge ($PLAY) trades at $0.00504, but it's expected to increase in the next presale stage. So, interested investors are buying now to get a good deal. Buying PLAY is easy; visit the presale website, connect your crypto wallet, and pay using Ethereum (ETH), Binance Coin (BNB), or a bank card.

Can PlayDoge Become the Next Big Thing After Hitting DEXs?

PlayDoge isn't just a meme coin; it has a Play-2-Earn utility that allows users to earn crypto tokens while playing games. It also has a staking utility, where users can earn up to 115% APY for staking their $PLAY coins.

This utility adds more appeal to PlayDoge's (PLAY) meme coin allure. Given investor interest in the project, PlayDoge could be one of the hottest meme coins in 2024.

There will be a maximum of 9.4 billion PLAY tokens. Like Floki, PlayDoge's P2E game could earn it massive community engagement. This could be one of its trump cards to 10x explosive rallies upon DEX listing.

If things go well, PlayDoge might be listed on major cryptocurrency exchanges, making it even easier to buy and sell.

The post Shiba Inu (SHIB) Whales Bagged $10 Million in SHIB; Can it Reach the $0.0001 Level? appeared first on The Tech Report.