In the past week, the number of Shiba Inu whales increased by 0.4%, according to data from Santiment, while inflows from large holders increased by 15%.
Shiba Inu, the second-largest meme coin in the world, has experienced a robust rally in the context of the broader market recovery over the past week. Nevertheless, it is currently trading at $0.0000179, a 4.68% decline, with a market capitalization of $10.55 billion and a daily trading volume that has plummeted by 38% to $391 million in response to the altcoin selling pressure.
Nevertheless, this has presented a favorable opportunity for the Shiba Inu whales to participate and initiate a gradual accumulation phase of SHIBs. The cryptocurrency could experience a 32% increase if SHIB whales trigger a broader market buying spree.
Shiba Inu Whales Identify an Opportunity
Currently, the Shiba Inu price trades in a range, with resistance at $0.000018 and support at $0.000016. Consolidation is evident in the diminishing distance between its Bollinger Bands.
The identification of potential overbought or oversold conditions is facilitated by Bollinger Bands, which are used to measure market volatility. When the bands become more closely spaced, it suggests that the asset is contained within a narrower range or reduced volatility. This period of low volatility frequently indicates the possibility of a breakout, which could result in a substantial price increase as volatility resumes.
The current consolidation phase has generated an appealing entry opportunity for whales, as there is no clear dominance from either bullish or bearish sentiment. Additionally, the Shiba Inu whale activity analysis indicates that these significant investors have gradually increased their holdings.
In recent days, the number of Shiba Inu whales holding between 10,000 and 1,000,000 coins has increased by 0.4%, according to Santiment data.
Simultaneously, the SHIB whale buying activity has been confirmed by a 15% increase in inflows from the large holders over the past week. An increase in inflows from large holders indicates the transfer of substantial amounts of assets into the wallets of whales. This bullish signal could motivate retail investors to acquire the asset, thereby increasing its value.
SHIB Price Forecast: A 32% Increase shortly?
The SHIB price may exit the consolidation range and enter an uptrend if this increase in the accumulation of Shiba Inu whales results in significant buying. They will likely surpass the $0.000018 resistance level and ascend to $0.000020, which has not been attained since June.
If whale activity decreases, Shiba Inu’s price may stay within its narrow trading range longer than anticipated. This could lead to a price decline below the $0.000016 support level, potentially dropping to $0.000010.
Conversely, significant advancements within the Shiba Inu ecosystem persist. The Shib Doggy DAO Foundation is poised to commence operations, marking the beginning of a new era for Shib State and establishing the foundation for an entirely autonomous and decentralized future.
A Decentralized Autonomous Organization (DAO) is a governance model that enables the holders of critical tokens—Shib, Bone, Leash, and Treat—to make significant decisions.
