Shiba Inu whales have been actively participating in substantial transactions within the Shiba Inu (SHIB) ecosystem, sparking speculation of a mammoth super bullish surge for the second-largest meme coin.
On Friday, crypto analytics firm Lookonchain highlighted various transactions, shedding light on the accumulation of SHIB by whales in the crypto space over the past month. As per the firm, Tron founder Justin Sun withdrew a hefty 577 billion SHIB from Binance on December 18 and 19. New wallets were also spotted entering the scene, with the wallet address “0xa656” withdrawing 237.87 billion SHIB from Binance earlier on Friday.
Moreover, two whale addresses, “0xfa22” and “0xF17f,” likely controlled by the same entity, accumulated a total of 850 billion SHIB over the past month at an average price of $0.0000089. Another notable whale, “0x8652,” started accumulating SHIB on August 9 and has amassed 543.3 billion SHIB, primarily on November 30 and December 1.
Theoretically, whale withdrawals reduce liquidity, which, in turn, drives prices up, while increased coin purchases boost demand and push prices higher. The moves by these SHIB whales thus suggest growing confidence among them in the cryptocurrency’s potential.
Notably, the positive momentum in SHIB is not limited to these significant transactions. The team behind Shiba Inu has been making significant strides towards developing the ecosystem, including announcing plans to acquire a top-level domain (TLD) for Shiba Inu earlier last week. Moreover, apart from the massive traction created by Shibarium, the team has been fostering new partnerships that will see the rate burn of SHIB increase exponentially, making it more attractive to investors.
That said, the recent surge in whale activity and positive market indicators suggest a renewed interest in SHIB, potentially setting the stage for a bullish rally. Technically, despite being on an upward trajectory since mid-October, SHIB has struggled to break out of a falling wedge pattern since May 2022. However, a breakout seems imminent, with influential figures like Justin Sun accumulating substantial amounts, potentially pushing SHIB’s price towards its all-time highs.
However, as we approach Christmas Eve, the Shiba Inu (SHIB) ecosystem appears to be in a state of relative calm, with SHIB experiencing a modest surge of just 2% over the past 24 hours, bringing its trading value time to $0.00001 at press time. Conversely, other tokens within the SHIB ecosystem, including BONE and LEASH, recorded modest losses of 1.17% and 0.5%, respectively.