Shiba Inu is up 12.15% in a 7-day period as investors continue accumulate cryptocurrencies in the broader crypto market. However, on-chain data has shown that the accumulation has been happening for a while, with SHIB whales now amassing $300 million in the last three months.
Shiba Inu whales have been accumulating large amounts of SHIB
Data in chain IntoTheBlock has proven that SHIB whales, i.e. large holders, have been accumulating huge amounts of SHIB in recent months. The large holders of the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of the circulating supply) and 47 investors (those with more than 0.1% of the circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around $300 million in SHIB in just the last 90 days.
Data from on-chain tracker Whale Alerts has shown several massive transfers during this time period. When investors accumulate large amounts, it often indicates an incoming price rally.
4,544,030,677,374 #SHIB ($32,142,200) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV
– Whale Alert (@whale_alert) October 21, 2023
These massive accumulations by large holders point to their bullish belief in SHIB, even though the cryptocurrency had weak momentum prior to the current surge in the crypto market.
This accumulation dates back, for the most part, to the introduction of shibario. The layer 2 solution developed by Shiba Inu, known as Shibarium, has had a ethereum-l2-shibarium/” rel=”nofollow”>much success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.
SHIB Future Prospects
SHIB has had a price increase in in relation to the continued influx of funds into the crypto market currently led by bitcoin. At the time of writing, SHIB is trading at $0.00000784 after facing rejection at the $0.0000082 mark.
The bulls have defended the $0.0000061 support level and the $0.0000077 levels very strongly to form support after the price tested the latter level several times. A sustained move above $0.0000082 could see SHIB shoot up to its August high of $0.00001137.
Large SHIB holders now own 71% of the total circulating supply and some of them can manipulate the price to their advantage. While the accumulation of whales is a positive sign, there is other things to consider regarding SHIB price outlook. On the other hand, the developers and leaders of the Shiba Inu team have pointed out nft-marketplace-massive-traffic-surge/” rel=”nofollow”>upcoming projects in the ecosystemone of which is a Shibarium-based stablecoin. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a sharp rise in SHIB prices.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/t73tRg1C/" alt="Tradingview.com XRP Price Chart (crypto Analyst XRP Price Prediction)” width=”2650″ height=”1758″ loading=”lazy”/>
SHIB price readies to test $0.000008 | Source: SHIBUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
