Shiba Inu Whale Buys 690 Bln SHIB, Price Rally Ahead?

In an exciting turn of events, Shiba Inu, the self-proclaimed Dogecoin killer, garnered noteworthy optimism amid a highly volatile movement in the market, as a whale bought staggering amounts of SHIB, nabbing global attention. This significant accumulation, coming in the midst of SHIB’s corrections and consolidations, birthed bullish sentiments on the meme coin’s price action ahead, despite SHIB’s price flux recorded as of press time.

Following remarkable gains illustrated by Shiba Inu recently, the meme coin appears to have witnessed a price retracement in the past few days, with the trajectory even moving sideways, mirroring a consolidation phase for the token. However, with a Shiba Inu whale accumulating billions of tokens today, investors speculate over a SHIB price rally looming over the crypto horizon.

Shiba Inu Accumulation Ignites Market Optimism

According to the insights revealed by the blockchain tracker Whale Alert, 692.40 billion SHIB, worth $19.26 million, was accumulated from Crypto.com today, April 8. This accumulation promptly garnered significant attention, as the whale showcased a sense of increased confidence in the asset despite its sideways momentum and corrections.

Crypto market traders and investors often view this as a bullish sign, which in turn births sentiments of bolstered price action ahead. Meanwhile, the on-chain metrics for the dog-based meme token further added to the optimism birthed by the whale’s accumulation, portraying a significant increase in investor interest and market activity for SHIB.

Also Read: Bitcoin Price: Top Analyst Warns Massive Liquidation If BTC Hits $71K

Shiba Inu Price Springs

As of writing, the Shiba Inu token’s price noted a jump of 1.8% in the past 24 hours and is currently trading at $0.00002833. This jump in the meme-based token’s price primarily aligns with the whale’s accumulation, garnering additional optimism on the token.

Simultaneously, derivatives data underscored a strong market uptrend for Shiba Inu, as Coinglass spotlighted a 2.06% increase in SHIB’s open interest, whereas volume surged 34.97%. This further hints at heightened investor interest and increased trading activity in the derivatives market, pushing the token to a bullish stage.

Meanwhile, a recent analysis by CoinGape Media spotlighted that Shiba Inu’s recent pullback observed in the daily chart illustrated the formation of a bullish continuation pattern called ‘Pennant,’ adding to bullish thoughts on the token’s price action ahead.

Also Read: Veteran Trader Peter Brandt Warns ETHBTC “Bear Trap”, What’s Next in Ethereum Price?

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