Shiba Inu (SHIB) has a phase of relative calm in the last few dayscharacterized by low price volatility, resulting in a 6% increase in the last 24 hours. The phase was mostly characterized by low price volatility despite huge on-chain movements.
Interestingly, the trend seems to have led to an increase in SHIB accumulation among some large holders. The accumulation has therefore given rise to theories about the Return of a bullish uptrend for SHIB, which could mimic a rally seen in February.
Shiba Inu (SHIB) was recently defined by significant whale transactions, which increased activity among major shareholdersA prime example is the recent withdrawal of $1 million worth of SHIB from the crypto exchange Robinhood by the well-known market maker Wintermute.
Shiba Inu: Strategically transferred
According to on-chain data from Arkham Intelligence, these tokens were not simply held but strategically transferred between various leading crypto exchanges.
Additionally, on-chain data shows a broader trend of large transactions, suggesting that whales are accumulating SHIB at current low prices, possibly in anticipation of an impending price increase. Data from IntoTheBlock states that large SHIB transactions, defined as transactions over $100,000, have increased by an impressive 71% in the last 24 hours alone.
This metric, which specifically tracks these large transactions, shows that the volume of these large trades has exceeded 2.1 trillion SHIB, worth about $30 million, in the last 24 hours alone.
This increase in whale activity has not gone unnoticed by the wider crypto community. A SHIB analysis recently posted on TradingView interpreted the SHIB price movement as strategic moves by large SHIB holders taking advantage of the current tight price range. Interestingly, this is a well-known trend among SHIB whales that often precedes a price rally.
Using the Wyckoff accumulation method, analyst CryptoCheck compared the current price action to the accumulation from November 2023 to January 2024, which culminated in a 330% breakout in February. Given these similarities, CryptoCheck has predicted that the ongoing accumulation could soon lead to a comparable breakout. The projected price target is $0.00005, which represents a 240% increase from the current price level.
Current SHIB price action
Since the last update, Shiba Inu has seen a significant price increase amid a broader inflow of capital into the cryptocurrency market. Notably, the 13th largest cryptocurrency by market cap has risen 15% in the past week, outperforming many other major crypto assets. This increase in value is in line with increased whale activity, which increased positive mood about SHIB.
At the time of writing, SHIB is trading at $0.00001534 and is up 7% in the last 24 hours. The cryptocurrency still has a long way to go to reach the $0.00005 price level.
Featured image by The UBJ, chart by TradingView
