Shiba Inu Whales Accumulate: Is a 30% SHIB Rally Coming?

Coinspeaker
Shiba Inu Whales Engaging in Aggressive Accumulation, Is a 30% SHIB Price Surge Coming?

The world’s second-largest meme cryptocurrency, Shiba Inu

SHIB
$0.0000



24h volatility:
4.5%


Market cap:
$10.49 B



Vol. 24h:
$559.64 M

has experienced a notable rally over the past week during the overall market recovery. However, with pressure from altcoin sell-offs, it is currently trading 4.68% lower at $0.0000179, holding a market cap of $10.55 billion and witnessing a 38% drop in daily trading volume to $391 million.

This decline has sparked interest among Shiba Inu whales, who are seizing the opportunity to initiate a gradual accumulation of SHIB. Should these whales trigger a significant buying wave in the market, the cryptocurrency might experience a 32% price increase.

Shiba Inu Whales Identify a Potential

As it stands, the Shiba Inu price is fluctuating within a range, facing resistance at $0.000018 while finding support at $0.000016. The decreasing gap in the Bollinger Bands indicates a phase of consolidation.

Bollinger Bands, which assess market volatility, are pivotal in recognizing potential overbought or oversold conditions. A contraction of the bands suggests diminished volatility, indicating that the asset’s price is restricted to a tighter range. This low-volatility phase typically precedes a breakout, where a significant price movement may occur as volatility returns.

The current phase of consolidation, showing no clear predominance from either bullish or bearish sides, presents a lucrative entry opportunity for whales. Additionally, data on Shiba Inu whale activities indicates that these significant investors have been steadily increasing their holdings.

According to Santiment, the number of Shiba Inu whales possessing between 10,000 and 1,000,000 coins has increased by 0.4% in recent days.

In parallel, inflows from large holders have surged by 15% in the last week, thereby confirming the buying activity among SHIB whales. A rise in inflows from substantial holders suggests that whales are moving large quantities of the asset into their wallets. This bullish trend can embolden retail investors to buy the asset, which could further enhance its value.

SHIB Price Outlook: Could a 32% Rally Be Imminent?

If the wave of Shiba Inu whale accumulation leads to substantial buying activity, the SHIB price could break out of the current consolidation range and embark on an upward trend. It is anticipated that the price may surpass the $0.000018 resistance level and potentially climb towards $0.000020, a mark not seen since June.