Renewed Accumulation by Whales and Retailers May Position Shiba Inu for Potential Price Gains

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In this period, a net total of 123 billion SHIB tokens have been withdrawn from exchanges, underscoring the robust accumulation trend among both whales and retail investors.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.