Could We See $1 Shiba Inu after Massive Whale Purchase?

Shiba Inu (SHIB) is up by 2.13% today after a whale bought 220 billion tokens. That purchase is turning heads and making investors wonder if $1 Shiba Inu is in the future.

Shiba Inu is on the rise.
This memecoin is doing very well right now.

Currently priced at $0.00002411 (SHIB/USD), this memecoin has a long way to go before it hits anywhere close to $1 in value per token,  but that has not stopped the speculation. The coin is obviously bullish at the moment, gaining more than 15% over the last week.

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SHIB/USD

It is also part of a market wide rally that is gaining steam thanks to excitement over Donald Trump’s administration taking charge in late January. Trump has been very vocal about his support for crypto, and that should help Shiba Inu and other coins do very well in the coming months as his administration makes some changes.

The whale purchase came out of a Binance account and the coins were accessed by an account that has been dormant for five months. For at least one major investor, it looks like it is time to move on Shiba Inu. If this purchase can spur some additional major movements for the coin, we could see a long-tail bullish run that will propel the coin much closer to the $1 mark.

Promising Market Conditions

There are a few factors in play or soon to be in play that should help spur growth for Shiba Inu. The increased focus on the coin after the whale purchase will definitely help, and more people will be paying attention to the coin and trying to determine if they should be investing in it or not. The whale purchase results in a 14% boost for SHIB over a period of three days.

SHIB will also benefit from the upcoming presidential administration change and the pro-crypto President who will be stepping in- a first of its kind.

The US nonfarm payrolls data is rolling out this week for December, and that already looks somewhat promising. If it really is positive, then Shiba Inu could climb even higher as a result.

Bitcoin (BTC) and some of the other major crypto coins are rallying at the moment, and their upward progress will help carry Shiba Inu as well. As long as Bitcoin is climbing, SHIB can benefit from that. 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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