SHIB

Shiba Inu Whales Increase Their Holdings By 600% In A Single Day

Published

3 months ago

August 15, 2024

Reports have revealed that Shiba Inu (SHIB) whales have dramatically increased their holdings by a whopping 600%. This massive SHIB accumulation signals investors growing confidence in the popular meme-based cryptocurrency.

SHIB Whales Increase Holdings By Almost 600%

In just a single day, Shiba Inu whales increased their holdings by approximately 596%. According to IntoTheBlock’s data, on August 12, the total net flow of large scale SHIB holders had surged from 27.06 billion SHIB to 161.15 billion SHIB.

While the reason for this aggressive token accumulation remains uncertain, the slight stabilization of Shiba Inu’s price fundamentals may have contributed to the positive shift in investors’ sentiment.

Earlier in January 2024, large scale holder net flow had surged as high as 4.51 trillion. However as the months went by, whales have been offloading significant amounts of SHIB tokens as the market showed signs of bearishness.

This renewed influx of whale activity is particularly noteworthy as Shiba Inu aims to recover from previous price declines. Additionally, the increase in whale holdings comes after Shiba Inu lead developer, Shytoshi Kusama announced the imminent release of a potentially bullish project in the Shiba Inu ecosystem.

Highlighting Kusama’s announcement, crypto analyst, Oscar Ramos has expressed optimism about Shiba Inu’s future price outlook. In an X (formerly Twitter) post Ramos revealed that he believes that Shiba Inu is heading towards the biggest coin breakout it has ever seen.

He highlights the ongoing developments and upcoming projects set to launch within the ecosystem as bullish catalysts for Shiba Inu’s price increase. Additionally, Ramos described Shiba Inu as a blue chip cryptocurrency which has been showing immense productivity and growth recently.

At the time of writing, the price of Shiba Inu is trading at $0.0000136, marking a 1.47% decrease in the last 24 hours after gaining 2.20% over the past week, according to CoinMarketCap.

Shiba Inu Whale Drains $2.2 Million Worth Of SHIB

On-chain analytics platform, Arkham Intelligence has uncovered a massive SHIB transaction executed by an anonymous whale. According to Arkham’s reports, an unknown Shiba Inu whale withdrew a whopping 165.37 billion SHIB tokens from Coinbase, the largest crypto exchange in the United States (US).

Arkham Intelligence has disclosed that in the last six days, the anonymous whale executed three large scale transactions which amounted to the 165.37 billion SHIB. The total value of the SHIB withdrawal was estimated at around $2.25 million.

In the first transaction, 32.537 billion SHIB, valued at $466,250 was withdrawn from Coinbase. The second transaction saw a withdrawal of 35.80 billion SHIB, worth over $480,530. The final and largest transaction involved the withdrawal of 97.027 billion SHIB, valued at over $1.33 million withdrawn.

Shiba Inu price chart from Tradingview.com — SHIB price takes a nosedive | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Price analysis

Shiba Inu Price Records Largest Weekly Gain Since Feb, ATH Next?

Published

2 weeks ago

November 11, 2024

admin

Shiba Inu price has soared over 64% in the last 6 days, recording the largest weekly gain since February 2024. This increase comes amid Bitcoin breaking previous all-time highs and the entire crypto market surging to $2.915 trillion. This is just slightly shy of the 2021 top of $3.006 trillion. A crypto analyst shared that he expects one more resistance before SHIB rallies back to a previous all-time high. Can the price of SHIB regain its ATH before the end of the year?

SHIB price trades at $0.00002625 on November 11 after increasing by 16.1% in the last 24 hours. Following the footsteps of the largest gainer, Dogecoin (DOGE), SHIB has surged 54.9% in the past week and could be eyeing extended gains this week after clearing one key obstacle.

Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next? — SHIB/USDT Price Chart

Shiba Inu Price Hit a Block: Is the Rally Over?

The SHIB price currently struggles to break above a key resistance level of around $0.00002750. After surging with volume to this previous level of temporary resistance, traders are taking profit, which has resulted in a pause from the rally.

However, crypto analyst Motion Man believes this is nothing to be worried about as he predicts SHIB will rise by 70% in the coming days to test the $0.000046 level, and if it clears his resistance, he expects SHIB to explode to ATH.

The Shiba Inu price rally is not over because of a few factors:

Coingecko data shows the 24-hour trading volume is up 255%, signaling a recent spike in market investor interest.
The SHIB open interest (OI) is up 19.31%, according to data from Coinalyze. This combined with the increasing price suggests traders are entering longs on the meme coin, a bullish signal for the Shiba Inu price.
Santiment data shows the price-daily active addresses (DAA) divergence is currently at an 8-month high. Combined with the rising price, it indicates strong positive market sentiment and increased network activity. This alignment suggests that the price increase is supported by genuine growth in user engagement, which can be a healthy sign for the SHIB’s long-term rally.

SHIB Price Analysis: All Eyes On $0.000046

After surging to a local high of $0.00002804, SHIB price now faces huge profit taking around that price level, reinforces a previous historical resistance. Due to the factors mentioned previously, the Shiba Inu price forecast shows the rally is likely to continue.

A break above the the current resistance would spark a 70% (1.7X) rally to $0.000046, which coincides with the previous yearly high. Beyond that, the 4.236% Fibonacci extension level presents a potential resistance around $0.00006088.

After that, bullish SHIB predictions suggest ATH will likely be next.

An invalidation thesis for the current SHIB bull market would be if bears push price back below $0.00001811. This would signal market weakness that could send the meme coin down to $0.000015 and potentially to $0.000012.

Frequently Asked Questions (FAQs)

The rally hit temporary resistance at $0.00002750, but analysts believe it will continue. If SHIB clears this barrier, it could rally by 70% to $0.000046 and potentially reach a new all-time high (ATH).

SHIB price targets include $0.000046 and $0.00006088, with analysts predicting a push toward its previous ATH if key resistance levels are broken.

Analysts believe it’s possible if SHIB breaks through critical resistance levels and maintains strong momentum, aided by increased trading activity and market sentiment.