Shiba Inu (SHIB) is experiencing a surge in investor interest, with deep-pocketed whales accumulating billions of tokens in anticipation of a significant price increase. This renewed confidence is fueled by recent price movements that indicate growing strength for the meme coin.
Whale Activity Ignites Optimism
A recently activated whale address grabbed headlines after amassing a staggering 237 billion SHIB tokens, valued at approximately $6.44 million. This transaction was just one of four significant acquisitions executed by the whale within a brief six-minute window. The whale’s initial move involved purchasing 500 ETH (Ethereum) worth $1.59 million, followed by 101,844 FTT tokens (FTX Token) valued at over $160,000. Shortly after acquiring the SHIB tokens, the whale address further bolstered its portfolio with an additional 1,012 ETH, bringing the total value of its holdings to $11.26 million.
Interestingly, Shiba Inu constitutes the whale’s most prominent holding, representing over 57% of its entire portfolio and surpassing even Ethereum. On-chain data suggests that all the assets originated from a single address, with the SHIB tokens specifically traced back to Binance.
SHIB Investors Embrace HODLing
This whale’s strategy of accumulating and holding onto SHIB reflects a broader trend observed among Shiba Inu investors. Data from CryptoQuant indicates a continuous withdrawal of SHIB tokens from exchanges, leading to a significant drop in exchange reserves. This trend signifies a decline in selling pressure, as investors move their holdings to secure cold wallets for long-term investment (HODLing).
Shiba Inu Price Poised for Breakout
The declining exchange reserves trend coincides with a critical technical breakout for Shiba Inu. After trading within a symmetrical triangle for over a month, SHIB finally surpassed the upper trendline on April 20th, fueled by a bullish 14.43% intraday surge.
Currently priced at $0.00002671, SHIB trades above both the triangle’s resistance level and its 50-day EMA (Exponential Moving Average) of $0.0000247. This technical position hints at potential short-term bullish momentum, with some analysts predicting a rise to $0.00003946 during the current rally.