Shiba Inu Sees 12.15% Increase in 7-Day Period as Whales Accumulate SHIB
Shiba Inu (SHIB) has experienced a notable increase of 12.15% in the past week as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has revealed that accumulation has been ongoing for some time, with SHIB whales accumulating a staggering $300 million in the last three months.
According to data from IntoTheBlock, SHIB whales, which refer to large holders, have been accumulating substantial amounts of SHIB over the past few months. The top SHIB wallet addresses, which consist of 12 whales with more than 1% of circulating supply and 47 investors with more than 0.1% of circulating supply, have increased their holdings by 33.17% in the last 90 days, adding approximately $300 million worth of SHIB to their portfolios.
These large-scale accumulations by SHIB holders indicate their bullish belief in the token, despite its weak momentum prior to the ongoing surge in the crypto market. As Whale Alerts showed, there have been numerous significant transfers of SHIB during this period, which often signals an incoming price rally.
This accumulation can primarily be attributed to the introduction of Shibarium, a layer-2 solution developed by Shiba Inu. Shibarium has achieved considerable success, boasting a total of 3,685,073 transactions and 1,257,858 wallet addresses.
Looking ahead, SHIB’s price has experienced a spike in relation to the influx of funds into the crypto market, led by Bitcoin. Currently trading at $0.00000784 after facing resistance at the $0.0000082 mark, SHIB has found strong support at the $0.0000061 and $0.0000077 levels, with potential for a surge to its August high of $0.00001137 if it can sustain movement above $0.0000082.
It is worth noting that large SHIB holders currently control 71% of the total circulating supply, which potentially enables them to manipulate the price to their advantage. While whale accumulation is a positive sign, there are other factors to consider regarding SHIB’s price outlook.
On a positive note, the Shiba Inu development team has highlighted upcoming projects in the ecosystem, including the launch of a SHIB-based stablecoin on Shibarium. If successful, this stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a significant price spike for SHIB.
In summary, Shiba Inu’s recent price increase and the accumulation of SHIB by whales indicate growing confidence in the token’s potential. The introduction of Shibarium and upcoming projects within the Shiba Inu ecosystem further contribute to a positive outlook for SHIB’s price performance.
Featured image from iStock, chart from Tradingview.com
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