Shiba Inu stock rose 12.15% in a 7-day time frame as investors held on Aggregating cryptocurrencies into the broader crypto market. However, on-chain data has shown that the accumulation has been going on for a while, with SHIB whales now accumulating $300 million in the past three months.
Shiba Inu whales accumulate large amounts of SHIB
Data on the string from IntoTheBlock has demonstrated SHIB whales, i.e. large holdings, have accumulated massive amounts of SHIB over the past few months. The adult whales in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of the circulating supply) and 47 investors (those with more than 0.1% of the circulating supply). These major SHIB wallet addresses have added +33.17%, roughly $300M worth of SHIB in just the last 90 days.
Data from on-chain tracker Whale Alerts showed various massive transfers over this time period. When investors accumulate large sums, it often signals an upcoming price rise.
🚨 🚨 4,544,030,677,374 #SHIB ($32,142,200 USD) transferred from unknown wallet to unknown wallet https://t.co/Y7jvL2qtJV
– Whale Alert (@whale_alert) October 21, 2023
These massive accumulations by top holders indicate their bullish belief in SHIB, even though the cryptocurrency has weak momentum ahead of the ongoing rally in the cryptocurrency market.
This accumulation can be attributed, for the most part, to: Provided by Shibarium. The second layer solution developed by the Shiba Inu, known as Shibarium, had it A great deal of success. At the time of writing this article, the Shibarium blockchain has a total of 3,685,073 transactions and 1,257,858 wallet addresses.
SHIB’s future expectations
He had SHIB Prices rise in Regarding the constant flow of money into the cryptocurrency market which is currently led by Bitcoin. At the time of writing, SHIB is trading at $0.00000784 after facing rejection at the $0.0000082 mark.
Bulls defended the $0.0000061 support level and $0.0000077 levels very aggressively to form support after the price tested the last level several times. A sustained move above $0.0000082 could see SHIB rise to its August high of $0.00001137.
Large SHIB holders now own 71% of the total circulating supply, and some of them can manipulate the price to their advantage. While the accumulation of whales is a positive sign, there is… Other things to consider Regarding SHIB price forecasts. On the other hand, the Shiba Inu developers and team leaders pointed this out Upcoming projects in the ecosystemone of which is A A stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to… Strong rise in SHIB prices.
SHIB price readies to test $0.000008 | Source: SHIBUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com