According to on-chain analysis firm Arkham Intelligence, a new Shiba Inu (SHIB) whale has emerged, purchasing over 323 billion tokens worth around $3 million. Despite the massive purchase, SHIB continues to struggle to overcome the $0.00001 level.
SHIB was trading at $0.00000944 when the whale made its purchase. However, the token’s price dipped to $0.00000930 right after the purchase.
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According to Arkham Intelligence, the whale wallet holds only Shiba Inu (SHIB) tokens. The analysis firm speculates that the wallet could be affiliated with the crypto exchange Coinbase.
SHIB has faced a 2.5% correction in the weekly charts. However, the asset is still up by 1.4% in the daily chart, 4.5% in the 14-day chart, and 12.4% over the previous month. Nonetheless, SHIB is still down by nearly 26% since February 2023.
Will Shiba Inu (SHIB) delete a zero soon?
The whale may have made the big purchase expecting Shiba Inu (SHIB) to rally soon. CoinCodex predicts SHIB to delete a zero this weekend, reaching a price of $0.00001014. However, the platform does not anticipate prices to hold. CoinCodex also predicts SHIB’s price to fall below $0.000009 by early March.
Changelly also anticipates Shiba Inu (SHIB) to briefly delete a zero from its price. However, the platform anticipates SHIB to fall to $0.000008903 by Mar. 1, 2024.
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Shiba Inu (SHIB) is one of the most popular cryptocurrency projects in the market. However, the asset’s price has struggled to gain momentum, even after launching a layer-2 network last year. The popular memecoin has been in a downtrend after hitting its all-time high of $0.00008616 in October 2021.
However, the SHIB team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can reduce the project’s supply, SHIB’s price may begin to generate steam.
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