- The top two Ethereum whales have grabbed 271 billion Shiba Inu tokens.
- The recent whale purchase is significantly larger than last week, indicating the rapid accumulation of Shiba Inu by large wallet investors.
- Analysts have a bullish outlook on Shiba Inu price as the meme coin posts gains after the recent pullback.
Shiba Inu has emerged as a favorite among Ethereum’s large wallet investors. Two Ethereum whales added 217 billion in Shiba Inu tokens to their portfolio, fueling a bullish sentiment among investors.
Shiba Inu price started an uptrend because of these two reasons
Shiba Inu’s development team announced the launch of a burn portal in association with Ryoshi’s vision. Proponents believe the news of the burn portal launch and accumulation by large wallet investors are the two critical reasons for Shiba Inu’s current price rally.
$251,000 in Shiba Inu tokens were burnt within the first 24 hours of the portal’s launch. Burn effectively removes the tokens from the asset’s circulating supply, fueling a shortage. In addition to the burn, accumulation by whales that are scooping up SHIB tokens is considered a bullish sign.
Large wallet investors on the Ethereum network have chosen Shiba Inu to diversify their portfolio holdings. Two Ethereum whales, “Bombur” and “BlueWhale0073,” have pulled 271 SHIB out of the circulating supply. The whales now hold $1.4 billion in Shiba Inu tokens, following several rounds of SHIB accumulation.
Typically, accumulation by whales is considered bullish for the meme coin’s price.
Analysts evaluated the Shiba Inu price trend and revealed a bullish outlook. FXStreet analysts have identified an Adam and Eve pattern in the Shiba Inu chart, predicting a 38% rally in the meme coin. So far, the pattern has not been validated; however, analysts believe the long-term targets remain unchanged, and it is likely that SHIB would retest $0.00005 in a price rally.