Shiba Inu is up 12.15% in a seven-day span as investors continue to trade collect cryptocurrencies in the broader crypto market. However, data from the chain has shown that the accumulation has been going on for some time, with SHIB whales now having collected $300 million in the last three months.
Shiba Inu whales have accumulated large amounts of SHIB
On-chain data from IntoTheBlock has shown that SHIB whales, or large keepers, have accumulated huge amounts of SHIB in recent months. The major holders of 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 top SHIB wallet addresses have added +33.17%, adding up to approximately $300 million worth of SHIB in just the last 90 days.
Data from the on-chain tracker Whale Alerts has shown several massive transfers during this period. When investors accumulate large amounts of money, it often signals an impending price rise.
— Whale Alert (@whale_alert) October 21, 2023
These massive accumulations by large holders indicate their bullish belief in SHIB despite the crypto having weak momentum before the ongoing crypto market spike.
This accumulation can largely be traced back to introduction of Shibarium. The layer 2 solution developed by Shiba Inu, known as Shibarium, has a good luck. At the time of writing this article, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.
SHIB future prospects
SHIB has one price peak in connection with the continued influx of money into the crypto market currently led by Bitcoin. At the time of writing, SHIB is trading at $0.00000784, after being rejected at $0.0000082.
Bulls have defended the support level at $0.0000061 and $0.0000077 very strongly to form support after the price tested the latter level several times. A sustained move above $0.0000082 could see SHIB skyrocket to its August high of $0.00001137.
Large SHIB holders now control 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, they are there other things to consider on SHIB’s price prospects. On the other hand, the Shiba Inu developers and team leaders have pointed it out upcoming projects in the ecosystemof which one is one stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a strong SHIB price spike.
SHIB price readies to test $0.000008 | Source: SHIBUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
