Shiba Inu whales are back in action, initiating massive transactions worth millions of dollars. Recently, on-chain data revealed that Shiba Inu whales had moved a staggering 15.1 trillion SHIB tokens in just one day. This significant SHIB transfer comes amid its market crash to new lows. With the increased whale activity, the question arises of whether these large-scale investors are preparing for a potential surge in the price of SHIB.   

Shiba Inu Whales Make Big Moves With 15 Trillion SHIB Transfer

IntoTheBlock’s data reveals that large-scale SHIB holders, commonly referred to as Shiba Inu whales, have executed another massive transaction. In the last 24 hours, Shiba Inu whales moved a staggering 15.1 trillion SHIB tokens, valued at approximately $253.05 million. 

This large-scale SHIB transaction has caught the market’s attention, as whale movements often influence market sentiment and impact price trajectories. On February 2, Shiba Inu Whales transferred a whopping 4.3 trillion SHIB tokens, valued at $66.22 million. This transaction marked a significant increase of more than 2.8 trillion SHIB compared to their previous transaction of 1.5 trillion SHIB recorded on February 1.

However, it appears that the activity of Shiba Inu whales has intensified even further. These large-scale token holders executed a recent 15.1 trillion SHIB transfer, representing an astonishing increase of 10.8 trillion from the previous day’s transfer of 4.3 trillion. 

Interestingly, this increase in whale transactions comes as the market experiences a significant crash. Following United States (US) President Donald Trump’s trade war with China, Mexico, and Canada, the crypto market has been in a downturn. Big players like Bitcoin and Ethereum have crashed significantly, with BTC trading below the $100,000 mark and ETH down below $3,000. 

Shiba Inu was also among the cryptocurrencies affected by the market volatility. CoinMarketCap’s data reveals that SHIB experienced a 20% crash over the week, driving its price to new lows. While the meme coin has recovered slight gains of about 6.4% in the past 24 hours, its recent downtrend still reflects ongoing bearish pressure. 

Amidst the downtrend, IntoTheBlock reports that large holder inflows have skyrocketed by 553.59% in the last seven days. On February 2, large-scale SHIB holders had accumulated 1.27 trillion SHIB. However, their buying activity surged dramatically the next day, with whales purchasing an impressive 6.51 trillion SHIB.

Despite the significant uptick in whale inflows, ITB’s data shows an extraordinary rise in outflows. Whale outflows skyrocketed by 1,290% in the last seven days, with 967.25 billion SHIB sent out on February 2. This trend continued the next day when whales moved an astonishing 6.5 trillion SHIB, marking a difference of over 5.5 trillion compared to the previous day. 

Are SHIB Whales Preparing For A Price Rally?

While large-scale transactions often influence market trends, it’s still uncertain if the recent increase in Shiba Inu’s whale movements signals an impending price rally. Based on CoinMarketCap’s data, Shiba Inu appears to be showing signs of slight recovery from its recent downtrend, possibly driven by the surge in whale transfers. 

However, despite this rebound, the price of Shiba Inu remains well below its 2024 price high of over $0.00002. As of writing, the meme coin is trading at $0.000015, indicating a significant drop in value due to bearish market trends and changes in investor sentiment. Additionally, the meme coin’s trading volume has plummeted 38.7% in the last 24 hours, settling at $874.2 million.

Featured image from Unsplash, chart from Tradingview.com

Despite its underperformance in this market cycle, crypto analysts continue to provide a bullish outlook for the Ethereum price. These analysts have suggested that ETH can rally to $4,000 in thirty days amid the Ethereum ETF boom.

Can The Ethereum Price Touch $4,000 In 30 Days?

Crypto analysts have suggested that the Ethereum price can reach $4,000 in thirty days amid the ETH ETF boom. These analysts include Ted, who recently predicted that ETH will reach $4,500 this month. This came as the analyst also predicted that the crypto could reach $10,000 in the next three to four months.

In a recent X post, the analyst again reaffirmed his conviction about Ethereum and outlined why he is very bullish on ETH. First, he mentioned that Donald Trump’s World Liberty Financial had bought over $200 million worth of ETH.

Secondly, the analyst mentioned that Eric Trump is tweeting about ETH, which he considers bullish for the Ethereum price. Trump has tweeted that he believes now is a “great time” to buy ETH.

The crypto analyst then asserted that Ethereum staking ETF will be approved, which is also a bullish fundamental ETH. It is worth mentioning that Kraken has already relaunched its crypto staking services for US customers, a move that could be geared towards the approval of this staking ETF.

Other fundamentals the analyst alluded to that could drive the ETH price to $4,000 in thirty days include upcoming network upgrades, which could lead to lower fees, better staking, and an improved token burn mechanism.

Ted also added that Ethereum is the only smart contract platform with a commodity-classified coin and spot ETF support. The analyst noted that major players like Deutsche Bank and UBS are building on Ethereum layer-2.

ETH ETF Boom Provides A Bullish Outlook

The Ethereum ETF boom also provides a bullish outlook for the ETH price. These funds recorded $83.6 million in net inflows yesterday, sparking a bullish sentiment among investors.

This development is even more significant considering that the Bitcoin ETFs recorded $2334.4 million in net outflows yesterday. As such, institutional investors look to be heavily bullish on ETH and used the crypto market crash yesterday as an opportunity to accumulate more Ethereum. These investors have been accumulating the crypto since last week, with these funds recording significant inflows.

Crypto whales are also still bullish on the Ethereum price despite its underperformance. Market intelligence platform IntoTheBlock revealed that 350,000 ETH worth nearly $1 billion was withdrawn from exchanges yesterday.

The platform further revealed that this is the highest amount of net exchange withdrawals since January 2024. As such, traders took advantage of the dip alongside these institutional investors.

Another Bullish Case For ETH

Crypto analyst Titan of Crypto also shared an Ethereum price analysis, which suggested that ETH could reach $4,000 in the next thirty days. In an X post, the analyst noted that ETH’s current cycle behavior closely mirrors Bitcoin’s past cycle right before its breakout and major run-up.

The analyst added that history repeats, but it often rhymes. His accompanying chart showed that the Ethereum price could break above $4,000 and rally to as high as $8,200 this year as part of this run-up phase.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.