As a long-term crypto investor with experience in the market, I find the recent trend of Shiba Inu whales accumulating more SHIB to be an encouraging sign. The meme coin has shown resilience and determination from its holders, despite the market downtrend that significantly impacted its price.
Large-scale investors in Shiba Inu (SHIB), also known as “whales,” have rebuilt their confidence in this popular meme coin with the second-largest market cap. Recent trends indicate that these investors are no longer considering selling their stakes, but rather choosing to keep them for the long haul.
Shiba Inu Whales Accumulate More SHIB
In a recent post on X (previously Twitter), analytics platform Santiment reported an increase in Shiba Inu tokens held by non-exchange whales. These investors now control approximately 6.57 trillion SHIB tokens, which is more than they did a month prior. This accumulation pattern aligns with a decrease in exchange wallets, indicating that an influx of retail investors is joining the Shiba Inu token market.
For Shiba Inu investors, this latest trend is certainly good news as the cryptocurrency managed to bounce back somewhat after being adversely affected by the recent market slump. According to Santiment’s analysis, Shiba Inu exhibited a slight separation from other altcoins during the weekend and recorded modest growth.
Shiba Inu might experience a notable recovery from its present price point, given its robust connection with Bitcoin‘s price trend. Bitcoin has recently regained some ground and is attempting to surpass the $60,000 threshold once more. If Bitcoin achieves this milestone, Shiba Inu could potentially benefit significantly and reclaim its critical support at $0.00002.
As a crypto investor, I’m keeping a close eye on Andrew Kang’s latest prediction. He believes that meme coins, including Shiba Inu, could be among the altcoins that experience significant growth by the end of this year or early 2025. Whales holding onto these coins might make a profitable decision in the long run.
According to some cryptocurrency experts, such as Crypto Kaleo, this current market cycle is being referred to as a “super meme cycle.” Memecoins are expected to yield significant gains during this bull market. Among these, Shiba Inu is predicted by analysts like Javon Marks to lose another zero and reach new heights.
Other Bullish Developments For SHIB
Shiba Inu may experience a significant price surge due to several promising developments on the horizon. One such development is the imminent launch of Spot Ethereum ETFs. These funds are highly anticipated in the market, and some traders view Shiba Inu as an alternative or beta play to Ethereum. Consequently, SHIB‘s price could rise substantially as Ethereum experiences upward momentum.
As a crypto investor, I’m thrilled to share that starting July 15, Coinbase will introduce CTFC-regulated Shiba Inu futures contracts. This significant step is likely to attract more institutional investors towards the meme coin, thereby expanding its reach and influence within the financial market. Furthermore, with the strong community support for a Shiba Inu ETF, this development could potentially pave the way for such a fund in the near future.
Currently, Shiba Inu is priced approximately at $0.00001648 during this writing session. However, its value has decreased by the time of comparison with the previous 24 hours, as indicated in the data sourced from CoinMarketCap.
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2024-07-12 00:11