Whale Trader Banks Eye-Popping $16M Profit On Two Popular Meme Coins Not Named Dogecoin Or Shiba Inu Benzinga
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Analyst Reveals Eye-Popping Shiba Inu Price Prediction; Cardano and KangaMoon Remain Hot CryptoDaily
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Shiba Inu Investors Tremble as Memecoin Clash Begins: New Kid on the Block Takes Aim at SHIB, Promising Eye-Popping 10,000% ROI! | Bitcoinist.com Bitcoinist
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A deep-pocketed crypto trader is suddenly moving more than 3 trillion Shiba Inu (SHIB) ahead of the blockchain project’s planned major upgrade.
According to new data from the whale-surveying platform WhaleAlert, a crypto whale abruptly shifted a staggering 3,312,307,240,798 SHIB, valued at $38,257,148 at time of writing, from one unknown wallet to another.
The transaction fee totaled 0.000664 Ethereum (ETH) or $1.06.
The sending wallet had received about the same amount of SHIB 14 days earlier from another unknown wallet and currently has a zero SHIB balance, according to Etherscan data. The unknown receiving wallet continues to hold the 3.3 trillion SHIB at time of writing.
The meme token opened the year at $0.00000803 and hit a high of $0.0000138 on Jan 21st, an increase of about 72%. At time of writing, SHIB has retraced to a value of $0.0000116.
The Dogecoin (DOGE) rival is currently the 15th-ranked crypto asset by market cap.
SHIB is expected to undergo a major upgrade sometime this year with the release of the layer-2 blockchain Shibarium.
Ledger, a leading cryptocurrency hardware wallet provider recently said it plans to support Shibarium, as did Trezor, another hardware wallet company.
Shibarium, which will run on top of the Ethereum blockchain, is designed to deliver scalability, faster transaction times and reduced gas fees. It is also designed to make it easier for developers to build decentralized applications on the Shiba Inu blockchain.
Developers recently announced the Shibarium blockchain will utilize Bone ShibaSwap (BONE) as the sole token for paying gas fees.
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Bitcoin (CRYPTO: BTC) continued its ascent on Wednesday night as the global cryptocurrency market capitalization touched $2.28 trillion, a rise of 2.38% over 24 hours.
What Happened: The apex coin rose 6.83% over 24 hours to $54,769.21. For the week, BTC has shot up 30%.
See Also: How To Buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) traded 0.4% higher at $3,541.14 over 24 hours. Over a seven-day trailing period, ETH has gained 21.62%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) was down 2.39% at $0.245. Over the last seven days, DOGE has appreciated 22.35%.
SHIBA INU continued to extend gains, emerging as the top 24-hour gainer, as per CoinMarketCap data.
SHIB soared 67.39% over 24 hours to $0.00002971. Over the last seven days, the so-called DOGE-Killer has skyrocketed 320.73%.
Against major cryptocurrencies BTC and ETH, SHIB rose 58.12% and 68.19% respectively.
Why It Matters: Bitcoin received a boost after positive news that the U.S. Securities and Exchange Commission Chair Gary Gensler said that the regulator had no China-like plans to ban cryptocurrencies.
See Also: Jim Cramer Identifies ‘Major Reason To Buy Bitcoin’
Analysts are expecting BTC to chart a fresh all-time high as its dominance relative to so-called altcoins rose to the current 45% from a low of 40% seen last month.
“There has been fresh spot buying activity in BTC, and looking at the price action we expect to see a fresh all-time high in the coming weeks,” said Pankaj Balani, reported CoinDesk.
“We also expect BTC to outperform altcoins and the money to rotate into BTC from alts going forward.”
Freddie Evans, Sales Trader at the United Kingdom-based digital asset broker GlobalBlock touched on a possible year-end BTC rally.
“Technical indicators are bullish, with analysts predicting a bull run to Christmas and some seeing $50,000 as a new support level,” Evans wrote in an emailed note.
Evans noted that BTC’s advance has been in contrast with other assets like gold and stocks which are having a “period of angst” over high inflation and slowing economic growth.
“This recent Bitcoin advance could be the repeat of history following the Chinese ban on crypto activities.”
An independent research firm, Delphi Digital, noted that dog coins are “all the rage” again in its latest market update.
“SHIB price is up over 80% in the last 24 hours, and other dog coins have followed suit. The last time dog coins pumped, it was a sign of ridiculous froth and coincided with the April/May top. Do with that information what you will.”
Read Next: AMC Begins Accepting Dogecoin For Digital Gift Cards