A newly activated cryptocurrency wallet became a shiba inu whale (SHIB) address today, Thursday, after receiving 3.3 billion SHIB, about $38.9 million, to join the meme token’s cumulative trend.
Etherscan data revealed that the sending address moved funds through five different wallets, before sending the SHIBs to the final receiving wallet.
According to the transaction tracking and analysis platform Whale Alert, the wallet also received one billion PAW tokens, a few minutes after accumulating the SHIB tokens.
🚨 🚨 3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/0mdLkwpPQQ
— Whale Alert (@whale_alert) January 26, 2023
With a current balance of $38.8 million in shiba inu, the whale’s management is now the 30th largest SHIB holder in the world.
PAW tokens are currently worthless and it is unclear whether they are affiliated with the PawZone ecosystem.
This ecosystem recently announced that its official “PAW” token will be released on the future Shibarium L2 network.
PawZone is one of the numerous projects that have shown interest in building on top of Shibarium. In addition, its creator advised investors not to buy fake tokens, due to the fact that its token has not yet been officially launched.
Whales continue to accumulate SHIB
The recent SHIB accumulation move came shortly after a series of transactions, in which the world’s 26th largest shiba inu whale added 150 billion tokens to its balance. These tokens were accumulated in a cluster of four transactions in three hours on January 23.
Rising meme token prices and enthusiasm for the future launch of Shibarium seem to spur the accumulation of SHIB by whales.
The cryptocurrency rose 4.41% in the last 24 hours to push its price toward $0.00001172.
In addition, shiba inu accumulated a +47% rise since January 1 which took its market capitalization to $6.43 billion, bringing it very close to surpassing the capitalization of litecoin (LTC) as the 13th largest cryptocurrency market asset.
Is a price explosion coming for shiba inu?
Altcoin analyst Sherpa stated on Twitter that SHIB could further fuel the market recovery of bitcoin (BTC) and other cryptocurrencies.
Through one of his technical analysis charts, the expert explained that after shiba inu surpasses the 200-week exponential moving average (EMA) on the daily chart, the meme token could rise to over $0.0000160, a rise of more than 30% from current levels.
$SHIB: Time for meme coins to have a run?
(this might mean cycle is ending soon) pic.twitter.com/Jln6pPKBZu
— Altcoin Sherpa (@AltcoinSherpa) January 18, 2023
Regarding BTC, Altcoin Sherpa mentioned in a YouTube video that if the mother cryptocurrency follows the course it traveled in 2019, it is unlikely to fall back below $19,000 and could break above the $30,000 resistance level.
In 2019, BTC nearly quadrupled its January 1 price in the first half of the year, before losing more than 50% of its accumulated gains in the second half.
“We may continue to see bitcoin break above $24,000 and then it could stall around $30,000, and then continue to rise,” he said.
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