Shiba Inu Whales (SHIB) have regained confidence in the The second largest meme coin by market capitalization. Recent data shows that these investors are no longer looking to unload their holdings, but instead choose to hold them for the long term.
Shiba Inu whales accumulate more SHIB
Santiment on-chain analytics platform mentioned in an X (formerly Twitter) mail that non-exchange-traded Shiba Inu whales have been accumulating more SHIB, and these investors now hold 6.57 billion SHIB tokens than they did a month ago. accumulation trend coincides with the decline in exchange wallets, suggesting that more retail investors are entering the meme coin ecosystem.
This is certainly a positive development for Shiba Inu holders, given how the meme coin declined significantly after the recent market downtrendSantiment also noted that the meme coin experienced a “mini decoupling” from other altcoins over the weekend and made modest progress.
The Shiba Inu may also continue to witness an impressive rally from its current price level based on its strong positive correlation with the price of Bitcoin. The flagship cryptocurrency has already seen some gains over the past few days and is again looking to reclaim $60,000 as support. SHIB could also enjoy massive gains and reclaim crucial support at $0.00002 if that happens.
Considering Andrew Kang's prediction, the decision of Shiba Inu whales to keep the meme coin could be a very profitable move. Cryptocurrency expert recently mentioned that meme coins account for the majority of altcoins that will reach new heights in Q4 of this year or early 2025.
Cryptocurrency analysts like Crypto Kaleo have also described this market cycle as a “meme supercycle,” where meme coins are projected to be the biggest winners in this bull cycle. Based on this, several other cryptocurrency analysts such as Javon Marks have It was also predicted that Shiba Inu could throw another zero and reach new heights.
Other bullish developments for SHIB
Other bullish developments on the horizon for Shiba Inu could spark a massive rally for the meme coin. One of them is the Ethereum Spot ETFwhich are expected to start trading any time from now. These funds are expected to have a positive impact on the price of Shiba Inu because some traders consider the meme coin to be a beta bet for Ethereum. Therefore, SHIB It could recover as Ethereum moves higher.
Coinbase will do it launch On July 15, the CTFC will regulate Shiba Inu futures contracts. This move is expected to boost institutional adoption of the meme coin. It could also pave the way for the launch of a Shiba Inu ETF, especially with the community. Pushing hard for a fund of this type.
At the time of writing, Shiba Inu is trading at around $0.00001648, down over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
