Ethereum whale swallows 272 billion SHIB, becomes investors’ favorite

  • The great Ethereum whales have a whopping 282.79 billion Shiba Inu coins worth $3.09 million in their wallet.
  • The Ethereum whale identified as Galion amassed a total of 272 billion Shiba Inu coins worth $3 million in two separate transactions overnight.
  • Analysts have set an upside target of $0.00001401 for the Shiba Inu if the meme coin continues its uptrend.

Large wallet investors on the Ethereum network are interested in accumulating Shiba Inu. The 130th largest Ethereum whale collected 272 billion Shiba Inu coins overnight. Analysts maintain a bullish outlook on the altcoin.

Also read: Where Bitcoin and Ethereum Prices Are Headed as a Correlation With S&P 500 Declines

Galion swallows 272 billion Shiba Inu in two transactions

The 130th largest whale on Ethereum The net has swallowed 272 billion Shiba Inu (SHIB) worth $3 million. Large portfolio investors have typically bought Shiba Inu before a massive rally in the meme coin.

Based on data from WhaleStats, “Galion” just racked up a staggering 272,000,000,000 SHIB total, in two separate proceedings in the last 24 hours. The merchant was active more than 8 hours ago and added 100 billion Shiba Inu in the first transaction and 172 billion in the second. The average purchase price was $0.0000109.

Shiba Inu Flipped Basic Attention Token to Become Most Traded Token

Among the large wallet investors on the Ethereum blockchain, Shiba Inu has invested in the Basic Attention Token (BAT), a widespread blockchain-based medium of exchange used by advertisers, publishers, and content users, in terms of commercial volume. Shiba Inu is now the most traded cryptocurrency among deep pocket Ethereum whales.

Despite these bullish developments and the upcoming release of shibario, layer 2 scaling solution, Shiba Inu price continues to struggle. The meme coin failed to recover and produced nearly 4% losses overnight.

FXStreet analysts, however, remain bullish on the Shiba Inu. Tony Montpeirous, Lead Technical Analyst at FXStreet, believes that if the market is truly bullish, the Shiba Inu price is likely to rally to the September high of $0.00001401. This would imply a 20% profit on the current Shiba Inu price.

If the uptrend is invalidated, the Shiba Inu could plummet to $0.00000800 and the bears would effectively take control of the killer Dogecoin asset. This marks a 30% decrease from the current price.