According to cryptocurrency analysis firm LookOnChain, two Shiba Inu (SHIB) whales spent $35.2 million to buy 1.356 trillion SHIB tokens. The whales used nine different wallets to make their respective purchases at $0.00002596 per coin.

What a crazy buy!

9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours!


— Lookonchain (@lookonchain) June 5, 2024

Also Read: Shiba Inu: Early Investor Buys $3.8 Million SHIB, Price Jumps 10%

Despite the massive purchase, SHIB’s price has dipped following the whales’ $35.2 million buy. The popular dog-themed crypto is down 0.7% in the daily charts and 7.6% in the weekly chart. However, SHIB’s price is still up by 0.6% in the 14-day chart and 8.3% over the previous month. Moreover, SHIB has rallied by nearly 219% since June 2023.

Source: CoinGecko

Will Shiba Inu’s (SHIB) price recover over the next few days?

Source: Twitter

Despite the recent correction, many analysts anticipate SHIB to recover over the next few weeks.

Also Read: Shiba Inu: $100 Weekly Since Launch Turns to $594 Million in 2024

CoinCodex anticipates Shiba Inu (SHIB) to breach the $0.00003 this week, hitting $0.00003107 on Sunday, June 9, 2024. Moreover, the platform anticipates SHIB to hit a new all-time high of $0.00008723 on July 3, 2024. Reaching $0.00008723 from current levels would translate to a growth of over 241%.

Source: CoinCodex

Changelly also presents a bullish forecast for SHIB. The platform predicts the dog-themed crypto to hit $0.00003105 on Sunday, June 9, 2024. Moreover, Changelly also expects SHIB to hit a new all-time high soon. The platform forecasts SHIB to reach $0.00008766 on July 3, 2024.

Also Read: Shiba Inu: How To Be a Millionaire When SHIB Hits $0.0003?

Both Changelly and CoinCodex anticipate SHIB to rally over the next few weeks, hitting a new all-time high in early July. However, there is a possibility that SHIB’s price will consolidate or go lower if market sentiment does not improve.


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