Shiba Inu (SHIB) is making headlines again, thanks to some serious buying activity. Let’s dive into what’s happening.
A Whale Makes a Move
A whopping 512 billion SHIB (about $7.14 million) was recently transferred from a Kraken hot wallet to an unknown wallet. This big move has many believing that SHIB investors are accumulating the coin, hoping for a price increase. Moving coins from a hot wallet (easily accessible) to a cold wallet (more secure, less accessible) is a typical sign of long-term holding.
The mystery wallet now ranks among the top 40 largest SHIB holders! There’s speculation that it might actually be Kraken’s cold storage wallet, where they keep their SHIB reserves. Even after further transactions, this wallet still holds a massive 1.47 trillion SHIB ($19.28 million).
More Evidence of Accumulation
It’s not just this one big transfer. Data shows that more SHIB is leaving exchanges than entering them. On September 15th alone, 181.87 billion SHIB left exchanges, while only 87.37 billion were added. This strongly suggests that investors are buying the dip, betting on a future price surge. This is especially interesting considering SHIB is down almost 40% year-to-date.
Could SHIB Hit $0.000081?
Crypto analyst Javon Marks thinks SHIB could skyrocket—a potential 600% increase from its current price! He points to positive technical indicators and a bullish divergence in the MACD histogram.
Positive Developments for SHIB
The Shiba Inu team isn’t sitting still. They’re about to launch the LEASH v2 migration, and ShibaSwap recently got a cross-chain upgrade. These improvements should boost the entire Shiba Inu ecosystem.
Current Price and Conclusion
At the time of writing, SHIB is trading around $0.00001306, down slightly in the last 24 hours. While the future is uncertain, the recent accumulation and positive developments suggest a potential bullish outlook for SHIB. Whether it reaches the predicted $0.000081 remains to be seen, but the current activity is definitely sparking excitement among investors.