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New Whale Gulps 237,868,630,126 Shiba Inu as SHIB Breaks Symmetrical Triangle

source-logo  thecryptobasic.com 23 April 2024 07:36, UTC

A new whale address has accumulated over 237 billion Shiba Inu tokens amid a recovery push that has seen SHIB break above a multi-week symmetrical triangle.

Shiba Inu is witnessing a resurgence of interest, as deep-pocketed investors amass more tokens in anticipation of a massive price upsurge. This confidence in SHIB’s potential has been reignited by recent price movements, which point to growing strength.

Whale Amasses 237B SHIB

In a notable development, a recently activated whale address just accumulated over 237 billion Shiba Inu tokens. Data from Ethereum blockchain explorer Etherscan confirms that the procurement, which involved exactly 237,868,630,126 SHIB, occurred yesterday at 10:31 PM (UTC).

Interestingly, this was one of four large accumulations carried out by this whale address within a mere six minutes. Upon its activation yesterday, the whale procured 500 ETH worth $1.59 million at 10:26 PM. Two minutes later, it received 101,844 FTX Token (FTT) valued at $160K+.

The Shiba Inu accumulation came barely three minutes after the whale received the FTT tokens, with the SHIB tokens worth a whopping $6.44 million. Shortly after gulping the Shiba Inu coins, the whale address then amassed another batch of Ethereum tokens, amounting to 1,012 with a value of $3.22 million.

These transactions represent the new whale’s first fund movements, with the individual in question choosing to hold onto the tokens at last check. As a result, its portfolio balance now sits at $11.261 million worth of Ethereum, Shiba Inu and FTT.

Notably, Shiba Inu makes up its single largest holding, accounting for 57.4% of the entire portfolio balance and surpassing Ethereum. Deeper on-chain insights indicate that it received all its assets from a single address. Interestingly, this address withdrew the assets from different wallets, with the SHIB tokens traced to Binance.

Shiba Inu Investors Bullish Amid Breakout

The move to amass these funds and hold onto them demonstrate a broader culture observed among Shiba Inu proponents, as optimism grows. Data from CryptoQuant suggests that investors have continued to withdraw their Shiba Inu from exchanges, causing the exchange reserves to drop to 150.7 trillion SHIB at press time.

Shiba Inu Exchange Reserves | CryptoQuant

This trend signals a drop in selling pressure, as most of these tokens move to cold wallets for long-term HODLing. Remarkably, the trend comes up when Shiba Inu has broken above a symmetrical triangle it had traded in for over a month.

Shiba Inu slipped into this triangle when it collapsed from the $0.00004567 high on March 5. Following a month of persistent resistance, it eventually broke above the upper trendline on April 20 amid the bullish 14.43% intraday increase.

Currently changing hands at $0.00002671, SHIB is now trading above the triangle and its 50-day EMA ($0.0000247). This position suggests bullish momentum in the short term, and points to a potential upsurge. Some analysts expect SHIB to clinch $0.00003946 during this rally.