Shiba Inu Whales Accumulate $300 Million Worth of SHIB
Recent on-chain data reveals that Shiba Inu (SHIB) whales, referring to large holders, have been accumulating substantial amounts of SHIB over the past few months. There are 12 whales and 47 investors in the Shiba Inu ecosystem, with the top wallet addresses adding around $300 million worth of SHIB in the last 90 days.
The Whale Alerts on-chain tracker has reported significant transfers during this period, indicating an impending price rally. This accumulation by investors often signals a positive trend in the market.
Potential Price Movement for SHIB
Currently trading at $0.00000784 after facing resistance at $0.0000082, SHIB has found strong support at the $0.0000061 and $0.0000077 levels. If it surpasses $0.0000082, there is a possibility of a sharp increase to reach its August high of $0.00001137.
Impact of Whale Accumulation on SHIB Price
Large SHIB holders now control 71% of the total circulating supply, which gives them the ability to influence the price in their favor. While whale accumulation is seen as a positive sign, other factors should be considered when assessing SHIB’s price outlook.
Potential Catalysts for SHIB’s Price
The Shiba Inu development team has highlighted upcoming projects in the ecosystem, including a stablecoin based on Shibarium. The successful launch of a SHIB-based stablecoin could attract new investors and lead to a significant price spike for SHIB.
Hot Take: SHIB Whales Accumulate $300 Million Worth of SHIB as Price Rally Looms
As Shiba Inu whales continue to accumulate significant amounts of SHIB, the cryptocurrency has seen a 12.15% increase in a 7-day timeframe. With on-chain data confirming the ongoing accumulation and the potential for a price rally, investors are closely monitoring the market. While whale accumulation can be advantageous, it’s important to consider other factors that may impact SHIB’s price outlook. The upcoming projects in the Shiba Inu ecosystem, such as the introduction of a SHIB-based stablecoin, have the potential to attract new investors and drive a strong price spike. As SHIB remains an active player in the crypto market, its performance will continue to draw attention from both enthusiasts and investors alike.
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