As a seasoned analyst with years of experience in the crypto market, I have witnessed numerous whales come and go, but none quite as intriguing as this Shiba Inu (SHIB) whale. The sheer magnitude of their initial investment and subsequent returns is nothing short of astonishing. It’s like striking gold in a digital mine, and they’ve been holding onto it ever since – a testament to their faith in the memecoin’s potential.
Data from the blockchain indicates that a yet-unidentified major investor owns more than 10% of the total Shiba Inu tokens, leading to fresh worries about the token’s distribution and ownership among investors, particularly in relation to the world’s second-biggest meme coin.
A mysterious Shiba Inu (SHIB) whale owns over 10% of the token’s total supply across 150 addresses.
In spite of the fact that the value of their SHIB coin holdings exceeded $5 billion at their highest point, this whale has persisted in holding onto these coins since 2020, as per a Nov. 19 post by blockchain data firm Bubblemaps. This information suggests that the whale remains steadfast in his ownership of SHIB coins.
“Between August and October 2020, a new player entered the scene: 0x1406 purchased 103T $SHIB (10% of the supply) for just 38 ETH. At the time, 38 ETH was worth $10k. Today, 103T $SHIB is worth over $2.5 billion.”
From October 2020 onwards, the investor’s original investment of $10,000 has grown exponentially, reaching a staggering $2.5 billion today. This astronomical increase, according to Bubblemaps, could potentially be the most remarkable trade ever made.
Large whale investors, holding substantial amounts of Shiba Inu tokens, have the potential to greatly influence the price fluctuations within the cryptocurrency market. If this whale chooses to offload a considerable amount of their tokens in the public market, it could lead to a significant drop in the SHIB token’s price due to increased supply and reduced demand.
Shiba Inu may be this bull cycle’s sleeping giant
Regardless of earning more than a quarter-million times their initial investment, these investors chose not to cash out any of their Shiba Inu tokens, indicating a strong belief in the coin’s future possibilities.
At the moment, Shiba Inu has seen a rise of more than 134% since the start of this year, while it’s also increased by approximately 27% over the past month, as per the latest figures from CryptoMoon.
Despite Shiba Inu’s current underperformance compared to other popular meme coins, it might be the “sleeping giant” in this bull market based on market analysis.
A significant indicator that Shiba Inu coin prices might surge is the development of a “cup-and-handle” chart configuration, which often results in an upward breakout. To determine the potential peak of this bullish trend, you add the maximum height of the pattern to the point where the breakout occurs.
SHIB to DOGE capital rotation incoming?
The value of Shiba Inu might increase due to a shift in investment from its primary competitor in the dog-themed cryptocurrency market, Dogecoin (DOGE), as funds are reallocated.
As a researcher, I’ve noticed that Shiba Inu hasn’t been performing as well as Dogecoin, and I believe this can be largely attributed to Elon Musk’s persistent advocacy for his proposed Government Efficiency Department. This innovative agency, aimed at curbing unnecessary government spending, coincidentally shares the same initials with Dogecoin (DOGE).
As an analyst, I am contemplating a potential shift in investment focus between SHIB and DOGE tokens due to the extreme undervaluation of SHIB relative to DOGE.
The RSI for Shiba Inu currently sits at 14.71, which indicates that the Shiba Inu’s price might be undervalued as it appears oversold compared to Dogecoin. This suggests a decrease in selling pressure between SHIB and DOGE based on TradingView data.
The Relative Strength Index (RSI) is a commonly employed momentum tool that helps determine if a particular asset is experiencing undervaluation (oversold) or overvaluation (overbought) by evaluating the size of recent price fluctuations.
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2024-11-20 15:50