The well-known meme coin Shiba Inu (SHIB) is making waves in the news; major accumulators are ramping up their efforts amid a volatile market environment. Recent data reveals that inflows from large holders have surged by 555% over the past 90 days, indicating that significant stakeholders are positioning themselves to benefit from an anticipated rise in value. This is particularly noteworthy given the overall bearish sentiment prevailing in the wider crypto market.
Shiba Inu: Emerging Market Trend
Although market sentiment remains predominantly negative, the current trajectory of Shiba Inu demonstrates an emerging resilience. As per Santiment, while the broader crypto landscape is characterized by fear and uncertainty, the negative sentiment surrounding SHIB has plummeted by an impressive 718% within just one day.
This significant percentage drop suggests escalating investor pessimism, especially considering SHIB’s price had slipped from a weekly high of $0.00001929 to below $0.000017. However, this silver lining indicates that the 7-day sentiment for SHIB has surged by over 2,800%, potentially paving the way for a rebound.
Crypto markets have retracted alongside equities as traders speculate that the bull rally may have concluded. With crowd optimism shifting to doubt, here are the $500M+ market cap projects showing the most promise based on buying amid crowd FUD:
1⃣… pic.twitter.com/OvnvlWdSus
— Santiment (@santimentfeed) October 23, 2024
What makes this even more compelling is the potential opportunity for savvy traders. If sentiment turns bearish, prices typically move in the opposite direction. Given that the weighted sentiment stands at a positive 339% over the past 30 days for SHIB, there’s still hope, and it could be poised for a rally in the coming days.
Increased Whale Activity
The notable uptick in inflows from large holders is particularly significant. Over the last three months, these inflows have risen by 554.88%, indicating that institutional investors are recognizing value in accumulating SHIB at current levels. Additionally, there has been a 163% rise in inflows over the past month, with a slight increase of 1.29% in the most recent week.
Large Holders Conclude August with Steady Positions
Despite these encouraging signals from large holders, trading volume has seen a marginal decrease of 5.23% in a single day. This dip suggests that many investors remain cautious about making substantial moves in this unpredictable environment, likely waiting for clearer signals before executing trades.
Looking further ahead, SHIB appears to be on a gradual upward trend, with a forecasted 90% increase over the next six months, likely fueled by growing interest in its long-term potential, as data from CoinCheckup indicates. Even more promising, analysts project a substantial 76% rise over the coming year, clearly highlighting positive growth expectations in line with the increasing adoption of SHIB and its various use cases.
Featured image generated with Dall.E, chart sourced from TradingView
