Shiba Inu bulls are back, with on-chain data indicating heavy accumulation among the meme coin’s investors. Specifically, a 512 billion SHIB transfer has drawn the attention of the crypto community, sparking bullish sentiments towards the meme coin, which has underperformed so far.
Shiba Inu Bulls Spark SHIB Accumulation Theory With 512 Billion SHIB Transfer
Etherscan data shows that a Kraken hot wallet moved just over 512 billion SHIB ($7.14 million) to an unknown wallet (0x95a…4C4cE), sparking speculations that Shiba Inu bulls are actively accumulating the meme coin. Typically, a move from a hot wallet to what is possibly a cold wallet indicates that investors are looking to hold the crypto asset for the long term.
Notably, thanks to this 512 billion transfer, the unknown wallet now ranks as the 38th largest Shiba Inu holder. Meanwhile, further on-chain data suggests that this wallet might be Kraken’s cold wallet, which stores its reserves. This wallet has made several transactions since then but still holds 1.47 trillion SHIB ($19.28 million), representing an increase from the initial 512 billion that was deposited.
This confirms that Shiba Inu bulls have indeed been busy accumulating more SHIB even amid the sideways price action from the meme coin. This is a positive development, as it could trigger a supply shock, potentially leading to higher prices for SHIB. Meanwhile, Santiment data also shows that the exchange outflows are currently outpacing the exchange inflows.
On September 15, 181.87 billion SHIB were taken off exchanges, while 87.37 billion tokens were moved into exchanges. This indicates that more Shiba Inu investors are currently leaning towards accumulating more SHIB rather than offloading their tokens. These investors are likely taking advantage of the dip opportunity as they anticipate higher prices for the meme coin despite its underperformance. SHIB is down almost 40% year-to-date (YTD).
SHIB Could Still Rally 600% From Current Levels
Crypto analyst Javon Marks has predicted that the Shiba Inu price could rally by almost 600% from its current levels. He stated that the technicals point towards a near 6x happening in price to reach the $0.000081 target despite some bearish sentiments towards the meme coin. The analyst had earlier revealed that SHIB had confirmed a bullish pattern in a regular bull divergence with the MACD histogram.
Fundamentals also present a bullish outlook for the Shiba Inu price. The SHIB team is about to roll out the LEASH v2 migration, which is positive for the entire Shiba Inu ecosystem. Meanwhile, ShibaSwap recently launched an upgrade to enable cross-chain access, further strengthening SHIB’s utility.
At the time of writing, the Shiba Inu price is trading at around $0.00001306, down over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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