Shiba Inu (SHIB) Whales Accumulate Tokens, Mimicking Pre-Rally Trend Witnessed in February

Shiba Inu (SHIB) has experienced a period of relative calm in recent days, characterized by low price volatility leading up to a 6% increase in the last 24 hours.

Shiba Inu (SHIB) has seen a period of relative calm in recent days, with low price volatility leading up to a 6% increase in the last 24 hours. The phase has been mostly characterized by low price movements despite huge movements on-chain.

However, some large holders are increasing their SHIB accumulation, which has sparked theories of a return to bullish upside for SHIB, like the rally that was seen in February.

Shiba Inu (SHIB) has recently been seeing large whale transactions, highlighting the heightened activity among large holders. One example is the recent withdrawal of $1 million worth of SHIB from the crypto exchange Robinhood by the prominent market maker Wintermute.

Shiba Inu Is Being Strategically Transferred

On-chain data from Arkham Intelligence shows that these tokens were not simply being held but were being strategically transferred among various leading crypto exchanges.

Furthermore, on-chain data highlights a broader trend of large transactions that suggest whales are accumulating SHIB at current low prices, possibly in anticipation of an upcoming price surge. Data from IntoTheBlock highlights a 71% spike in large SHIB transactions, defined as those exceeding $100,000, in the past 24 hours alone.

The metric, which tracks these large trades specifically, showed that large SHIB transactions amounted to 2.1 trillion SHIB, valued at roughly $30 million, in just the last 24 hours.

This surge in whale activity has been noticed by the crypto community at large, with one SHIB analysis on TradingView interpreting the SHIB price action as strategic moves by large SHIB holders who are taking advantage of the current narrow price range, in a trend that has preceded price rallies among SHIB whales.

Using the Wyckoff Accumulation Method, analyst CryptoCheck likened the current price action to the November 2023–January 2024 accumulation, which culminated in a 330% breakout in February. Given these similarities, CryptoCheck has predicted that the ongoing accumulation could soon result in a comparable breakout. The predicted price target is $0.00005, representing a 240% increase from the current price level.

Latest SHIB Price Action

At the latest update, Shiba Inu is experiencing a significant price rally amid a broader influx of capital into the cryptocurrency market. The 13th largest cryptocurrency by market cap has risen by 15% over the past week, outperforming many other major crypto assets. This surge in value aligns with the increased whale activity, which has bolstered positive sentiment around SHIB.

At the time of writing, SHIB is trading at $0.00001534 and is up by 7% in the past 24 hours. The cryptocurrency still has a long way to go to reach the $0.00005 price level.

Featured image from The UBJ, chart from TradingView

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