Shiba Inu (SHIB) whales are at it again, with large transactions involving the meme coin recorded currently. These high-volume transactions have piqued the interest of other investors, who’ve deliberated on whether this might possibly be the correct opportunity to accumulate the meme coin.
Shiba Inu Whale Transfers 2 Trillion SHIB Tokens
On-chain analytics platform Whale Alert revealed in an X (formerly Twitter) post that 2 trillion SHIB were transferred from a Kucoin-linked wallet (Kucoin 6) to a distinct Kucoin-linked wallet (Kucoin 20). Interestingly, this came amidst the prices leveled against the exchange and its founders.
On-chain data further revealed that the receiving wallet began to transfer these SHIB tokens across different wallets. While the character of the transactions stays unknown, the troubled crypto exchange can have made these transfers to satisfy customers’ demands.
In that case, that signifies a bullish sentiment amongst SHIB whales, who still have to purchase as much of the meme coin as possible. For example, the Kucoin 20 wallet, which received the 2 trillion SHIB tokens, transferred over 35 million SHIB to an unknown wallet, and that wallet hasn’t moved the SHIB tokens since then, which suggests they may possibly be long-term holders.
Bitcoin is now trading at $70.012. Chart: TradingView
One other wallet that also received 4.7 million SHIB tokens from the Kucoin 20 wallet moved its holdings to a warm wallet, possibly attributable to Kucoin FUD, and in a bid to preserve its holdings. The moves made by these wallets underline the bullish outlook for the SHIB token, with large-scale investors having no intention of disposing of their tokens anytime soon.
Meanwhile, it’s value mentioning that the Kucoin 20 wallet transferred 1.4 trillion SHIB tokens back to the Kucoin 6 wallet. Those tokens are still inside the wallet and haven’t been moved since then.
Time To Buy Shiba Inu?
Crypto trader and analyst Xanrox had previously advised investors to load their SHIB bags on the $0.0000212995 price level. Nevertheless, with SHIB trading far above that level, there will be the sensation that it could never return to that entry point, especially with crypto expert Rekt Capital recently stating that the meme coin has built support on the $0.000026041 price level.
Although Xanrox’s entry point can have been missed, investing in SHIB immediately still looks like a superb move based on the predictions of varied analysts. This includes Xanrox, who hinted that SHIB could rise to a modern all-time high (ATH) by July. Meanwhile, analysts like Oscar Ramos have predicted that SHIB could shed one other zero on the road to $0.0001.
On the time of writing, SHIB was trading at around $0.00003029, down over 2% inside the last 24 hours, based on data from CoinMarketCap.
Featured image from Pexels, chart from TradingView