3 months ago
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Shiba Inu (SHIB) has experienced a period of relative calm in recent days, characterized by low price volatility leading up to a 6% increase in the last 24 hours. The phase has been mostly characterized by low price volatility despite huge movements on-chain.
Interestingly, it seems the trend has sparked an increase in SHIB accumulation among some large holders. As such, the accumulation has sparked theories of the return of a bullish upside for SHIB, which could mimic a rally witnessed in February.
Shiba Inu (SHIB) has recently been defined by significant whale transactions, underscoring the heightened activity among large holders. A prime example is the recent withdrawal of $1 million worth of SHIB from the crypto exchange Robinhood by the prominent market maker Wintermute.
Shiba Inu: Strategically Transferred
According to on-chain data from Arkham Intelligence, these tokens were not simply held but were strategically transferred among various leading crypto exchanges.
In addition to this, on-chain data highlights a broader trend of large transactions that suggest whales are accumulating SHIB at current low prices, potentially in anticipation of an upcoming price surge. Data from IntoTheBlock indicates that large SHIB transactions, defined as those exceeding $100,000, have spiked by an impressive 71% in the past 24 hours alone.
This metric, which specifically tracks these substantial transactions, shows that the volume of these large trades has exceeded 2.1 trillion SHIB, worth approximately $30 million in just the last 24 hours.
This surge in whale activity has not gone unnoticed by the broader crypto community. A SHIB analysis recently posted on TradingView interpreted the SHIB price action as strategic moves by large SHIB holders who are taking advantage of the current narrow price range. Interestingly, this is a well-known trend among SHIB whales that have often preceded price rally.
Using the Wyckoff Accumulation Method, analyst CryptoCheck likened the current price action to the November 2023–January 2024 accumulation, which culminated in a 330% breakout in February. Given these similarities, CryptoCheck has predicted that the ongoing accumulation could soon result in a comparable breakout. The predicted price target is $0.00005, representing a 240% increase from the current price level.
Current SHIB Price Action
As of the latest update, Shiba Inu is experiencing a significant price rally amid a broader influx of capital into the cryptocurrency market. Notably, the 13th largest cryptocurrency by market cap has risen by 15% over the past week, outperforming many other major crypto assets. This surge in value aligns with the increased whale activity, which has bolstered positive sentiment around SHIB.
At the time of writing, SHIB is trading at $0.00001534 and is up by 7% in the past 24 hours. The cryptocurrency still has a long way to go to the $0.00005 price level.
Featured image from The UBJ, chart from TradingView
