- Shiba Inu (SHIB) whales are displaying renewed confidence in the second-largest meme coin by market capitalization.
- On-chain analytics reveal a significant increase in SHIB accumulation by major stakeholders.
- “Shiba Inu whales now hold 6.57 trillion SHIB tokens, indicating a shift in investor sentiment,” says analytics platform Santiment.
Shiba Inu whales show renewed confidence as major holders accumulate 6.57 trillion SHIB tokens, signaling a positive trend in the meme coin ecosystem.
Major Accumulation Trends Among Shiba Inu Whales
Recent data highlight a notable trend among non-exchange Shiba Inu whales who are increasingly holding onto their SHIB tokens. Analytics from Santiment indicate that these investors now possess 6.57 trillion SHIB tokens, marking a significant increase over the past month. This shift suggests that large investors are betting on the long-term potential of SHIB, particularly as exchange wallets show a corresponding decline in holdings.
Impact of Market Trends on SHIB Prices
The accumulation pattern among Shiba Inu whales is occurring alongside a broader market downtrend, where many altcoins have struggled. However, SHIB has demonstrated signs of resilience and minor gains, diverging slightly from the market trend over the recent weekend. Analysts suggest that SHIB’s price could see further upward momentum if Bitcoin continues its recovery and reclaims key support levels, potentially driving SHIB to regain the critical $0.00002 mark.
Correlation with Bitcoin and Potential for Gains
Shiba Inu’s price movements have shown a strong positive correlation with Bitcoin’s performance. As the flagship cryptocurrency attempts to stabilize around $60,000, SHIB could benefit from this upward pressure. Crypto experts, including Andrew Kang, have predicted that meme coins like SHIB could see new heights by late 2023 or early 2025, provided the current trends persist.
Expert Predictions on Meme Coin Cycles
Prominent crypto analysts, such as Crypto Kaleo, have described the ongoing market trend as a “super meme cycle.” According to this perspective, meme coins are poised to be major beneficiaries in the upcoming bull run. Javon Marks, another respected analyst, believes that SHIB could eliminate another zero from its price, marking new historical highs. Such bullish sentiments could further encourage whale accumulation and retail investor interest.
Upcoming Developments Bolstering SHIB
Several impending developments could act as catalysts for Shiba Inu’s price surge. One of the most anticipated is the launch of Spot Ethereum ETFs, which are seen as potentially enhancing SHIB’s value due to its perceived connection with Ethereum. Additionally, the upcoming introduction of CTFC-regulated Shiba Inu futures contracts on Coinbase could drive institutional adoption, signifying mainstream recognition and broader market engagement.
Conclusion
In conclusion, the recent accumulation of SHIB by whales indicates strong confidence in the long-term prospects of the second-largest meme coin. With favorable market trends, expert predictions, and upcoming institutional developments, Shiba Inu appears well-poised for significant growth. Investors should keep an eye on these trends as SHIB navigates its way through the crypto landscape, potentially offering substantial returns in the near future.
