Shiba Inu (SHIB) Whales Have Regained Confidence, Accumulate More Tokens and Opt to Hold for the Long Term
- 王林Original
- 2024-07-18 03:26:10391browse
Recent data shows that these investors are no longer looking to offload their holdings but instead opting to hold for the long term.
Shiba Inu (SHIB) whales are now displaying a lack of interest in offloading their holdings, a move that could have major implications for the second-largest meme coin by market cap. Recent data from Santiment reveals that non-exchange Shiba Inu whales have been ramping up their SHIB stash.
According to the analytics platform, these whales now collectively hold 6.57 trillion more SHIB tokens than they did a month ago. Notably, this accumulation trend coincides with a decline in exchange wallets, suggesting that more retail investors are entering the meme coin’s ecosystem.
Shiba Inu Holders Might Be Cheering
This development will likely come as music to the ears of Shiba Inu holders, especially considering the meme coin’s significant decline following the recent market downturn.
To add to the cheer, Santiment also noted that the meme coin experienced a “mini decoupling” from other altcoins over the weekend and managed to make modest gains while other altcoins saw red.
Meme Coins, Including SHIB, Could 100X
If we go by the strong positive correlation between Shiba Inu’s price and Bitcoin’s price, the meme coin could continue to see an impressive rebound from its current price level.
The flagship crypto has already seen some gains over the past few days and is once again looking to reclaim the $60,000 level as support. And if that happens, SHIB could also enjoy massive gains and reclaim the crucial support at $0.00002.
Shiba Inu whales’ decision to hold the meme coin could turn out to be a very profitable move, especially considering Andrew Kang’s prediction.
The crypto expert recently stated that meme coins will account for the majority of the altcoins that will reach new all-time highs by Q4 of this year or early 2025. Several other crypto analysts, like Javon Marks, have also predicted that Shiba Inu will drop another zero and reach new highs.
More Bullish Factors For SHIB
On the horizon are several other bullish developments for Shiba Inu that could spark a massive rally for the meme coin.
One is the Spot Ethereum ETFs, which are expected to begin trading any day now. These funds are expected to have a positive effect on Shiba Inu’s price as some traders view the meme coin as a beta play to Ethereum. So, SHIB could rally as Ethereum moves up.
Also, on July 15, Coinbase will launch CTFC-regulated 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 such a fund.
At the time of writing, Shiba Inu is trading at around $0.00001648, down in the last 24 hours, according to data from CoinMarketCap.
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