Whale Scoops 12.15 Million SHELL, What’s Cooking in MyShell Market?

MyShell (SHELL), a new crypto AI token, seems bullish as whales have started accumulating the altcoin, possibly suggesting an imminent market rally. Today, March 15, crypto analyst Onchain Lens spotted a whale who bought 12.15 million SHELL tokens.

Whale bets on SHELL

MyShell is attracting attention of big investors due to its potential growth. According to data shared by Onchain Lens on X today, the whale created a new wallet and bought 12.15 million SHELL tokens worth $3.49 million from Binance.

Onchain metrics show that SHELL has been down in the past recent days. However, today’s significant purchase has impacted a positive price shift in the market. This accumulation shows that investors and whales are taking advantage of the recent decreased prices to acquire more SHELL tokens.

SHELL price updates

Myshell is a crypto AI token, launched two weeks ago. The asset gained popularity because of its status as an AI-focused crypto token. Its listing on Binance two weeks ago boosted its credibility, visibility, and investor confidence. Late last month, the asset obtained the Binance HODLer airdrop listing, an event that prompted the MyShell token pumping its price by 45% following the announcement.

However, the asset embraced a consolidation mood after the listing and airdrop program. Its price has been down 42.2% and 5.3% over the past two weeks and seven days ago respectively. Today, the AI token saw a price rise of 10.8%, suggesting the beginning of a significant breakout. The price jump shows buyers are overpowering sellers and a growing bullish sentiment in the market.

The asset’s daily chart shows bullishness is building. The downward momentum is losing strength and a breakout could be approaching. On-chain indicators confirm that SHELL is likely to experience an uptrend. Data from Coinalyze shows a 3.1% rise in SHELL’s Open Interest (IO) over the last 24 hours ago, suggesting a rising bullish sentiment in the market. A surging IO signifies that more investors are creating new positions in the market, hoping for price growth. This behavior suggests a bullish outlook – continued purchasing pressure could push the price up.

SHELL is currently trading at $0.3007, after recording a price growth of 10.8% over the past 24 hours. Also, its trading volume rose by 9.80% over the period. These figures show rising interest from investors and traders, indicating growing confidence in the token and a potential upward movement soon.