Shiba Inu buyers are back in the market, with both whales and retailers aggressively accumulating the memecoin.
-
SHIB is experiencing massive demand from both whales and retail investors.
-
If the accumulation trend persists, Shiba Inu could rally to $0.000017.
Shiba Inu sees renewed interest as whales and retail investors drive demand—could SHIB reach $0.000017?
SHIB Whales Resume Accumulation
Source: IntoTheBlock
In the past 24 hours, Shiba Inu whales have accumulated a significant amount of 1.04 trillion SHIB tokens, pointing to a shift in market sentiment. This surge in capital inflow indicates that these large holders view the current market as favorable for increased investment.
Data shows that most whales are on a buying spree, as large holders recorded a net outflow of 768 billion SHIB over the past day, creating a positive capital inflow of 266 billion SHIB.
Source: IntoTheBlock
A positive capital inflow indicates demand is currently outpacing supply, demonstrating that whales are primarily accumulating SHIB. Their growing interest echoes a bullish market sentiment.
Moreover, retail market participants are also showing increased accumulation, purchasing a total of 338.28 billion SHIB while sellers have offloaded 326 billion, leading to a favorable order imbalance.
Source: Coinalyze
The accumulation trend is further validated by positive Exchange Netflow data. According to CryptoQuant, the Shiba Inu Exchange Netflow has recorded a negative value for two consecutive days, indicating that more tokens are moving off exchanges than entering.
In this period, a net total of 123 billion SHIB tokens have been withdrawn from exchanges, underscoring the robust accumulation trend among both whales and retail investors.
Source: CryptoQuant
This increase in accumulation has led to a noteworthy surge in scarcity, with Shiba Inu’s Stock to Flow Ratio now reaching 2.2k. With ongoing exchange outflows, the availability of SHIB for sale has decreased, leading to a tighter supply.
Historically, such conditions where demand remains constant or climbs amidst heightened scarcity have been correlated with price appreciation in cryptocurrencies.
Source: Santiment
What’s Next for SHIB?
The growing accumulation activity has positively influenced Shiba Inu’s price trajectory. Following a low of $0.00001388, SHIB has rebounded to reach $0.00001492.
While this reflects moderate gains, it indicates that increasing investor behavior towards accumulation could lead to significant price recoveries.
If this trend persists, we could see SHIB potentially reclaim the $0.0000158 mark in the near term, with a breakthrough above this resistance likely pushing Shiba Inu towards $0.000017.
Conversely, should selling pressure return, Shiba Inu may pull back to $0.0000138.
