Shiba Inu Whales Are Buying More SHIB: Here’s What You Need to Know
Shiba Inu Whales Accumulate More SHIB
Shiba Inu (SHIB) whales are showing renewed confidence in the second-largest meme coin by market cap. Recent data reveals that these big investors are not selling their SHIB holdings. Instead, they are choosing to keep them for the long term.
According to on-chain analytics platform Santiment, non-exchange Shiba Inu whales have been gathering more SHIB tokens. They now hold 6.57 trillion SHIB tokens, a significant increase from a month ago. This trend of accumulating more SHIB while exchange wallets decline suggests more retail investors are entering the Shiba Inu ecosystem.
Positive News for Shiba Inu Holders
This is positive news for Shiba Inu holders. The meme coin had experienced a significant decline due to the recent market downtrend. However, Santiment noted a “mini decoupling” from other altcoins over the weekend, with SHIB making modest gains.
Shiba Inu might continue to recover from its current price level. It has a strong positive correlation with Bitcoin’s price. Bitcoin has already seen gains in recent days and is looking to reclaim $60,000 as a support level. If this happens, SHIB could also see massive gains and aim for the crucial support level at $0.00002.
Expert Predictions and Market Cycles
Crypto expert Andrew Kang believes that the decision of Shiba Inu whales to hold onto their SHIB could be very profitable. He predicts that meme coins will be among the altcoins reaching new heights by the fourth quarter of this year or early 2025.
Crypto analysts like Crypto Kaleo have also described the current market cycle as a “super meme cycle,” predicting that meme coins will be the biggest gainers. Based on this, several other analysts, including Javon Marks, have predicted that Shiba Inu could shed another zero and rise to new highs.
Other Bullish Developments for SHIB
There are several other bullish developments on the horizon for Shiba Inu that could spark a massive rally for the meme coin. One significant development is the introduction of Spot Ethereum ETFs, expected to begin trading soon. These funds are expected to positively impact Shiba Inu’s price, as some traders consider SHIB a beta play to Ethereum. Thus, SHIB could rally as Ethereum prices move upward.
Another major development is the launch of CTFC-regulated Shiba Inu futures contracts on Coinbase, set to begin on July 15. This move is expected to drive 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 such a fund.
Current SHIB Market Performance
As of now, Shiba Inu is trading at around $0.00001648, showing a decline over the past 24 hours according to data from CoinMarketCap. Despite this dip, the long-term outlook for Shiba Inu remains promising, especially with non-exchange whales continuing to accumulate SHIB. This trend, coupled with the decline in exchange whale bags, indicates a positive shift in the market sentiment towards Shiba Inu.
What This Means for Investors
For investors, these developments mean that now might be a good time to consider Shiba Inu. The increase in whale accumulation, the potential for future gains tied to Bitcoin’s performance, and the upcoming bullish developments all point to a positive future for SHIB.
If the predictions of experts like Andrew Kang and Crypto Kaleo hold true, Shiba Inu could see significant gains in the near future. With the possibility of SHIB shedding another zero and reaching new highs, the potential returns could be substantial.
Investors should also watch the upcoming launch of Shiba Inu futures contracts on Coinbase and the potential introduction of a Shiba Inu ETF. These events could further drive institutional adoption and significantly impact SHIB’s price.
Conclusion
Shiba Inu (SHIB) whales are showing renewed confidence in the meme coin, opting to hold rather than sell their holdings. Recent data from Santiment indicates a significant increase in non-exchange whale holdings, suggesting more retail investors are entering the Shiba Inu ecosystem.
The positive correlation with Bitcoin, expert predictions, and upcoming bullish developments all point to a promising future for Shiba Inu. As the market continues to evolve, SHIB holders could see significant gains, especially if institutional adoption increases.
For those considering an investment in Shiba Inu, now might be a good time to get involved. The potential for future gains, coupled with the ongoing accumulation by whales and the positive market sentiment, makes SHIB an attractive option in the cryptocurrency market.
