Bitrabo Editorial
The confidence of Shiba Inu (SHIB) whales has surged as they are now opting to hold their investments for the long term rather than selling off. Recent data reveals that these investors are accumulating more SHIB tokens.
Shiba Inu Whales Accumulate More SHIB
According to on-chain analytics platform Santiment, non-exchange Shiba Inu whales have increased their SHIB holdings to 6.57 trillion tokens, showing a growing trend of accumulation. This coincides with a drop in exchange wallets, implying a rise in retail investors entering the meme coin market. This shift is a positive sign for SHIB holders following a recent decline in its value.
Shiba Inu recently experienced a “mini decoupling” from other altcoins and showed modest gains. Its positive correlation with Bitcoin’s price suggests potential for further growth, especially if Bitcoin stabilizes above $60,000. Experts like Andrew Kang predict a promising future for meme coins like SHIB by the end of 2024 or early 2025.
Market analysts foresee a bright future for Shiba Inu in what is dubbed as a “super meme cycle,” where meme coins are expected to surge significantly. This optimistic outlook includes projections by experts like Javon Marks, who anticipates SHIB reaching new highs by losing a zero.
Other Bullish Developments For SHIB
Upcoming events such as the launch of Spot Ethereum ETFs and CTFC-regulated Shiba Inu futures contracts on Coinbase are expected to propel SHIB to higher levels. The ETF launches could enhance institutional interest in the meme coin and potentially pave the way for a Shiba Inu ETF, as advocated by the community.
As of the latest update, Shiba Inu is trading around $0.00001648, as per CoinMarketCap data, showing a slight decrease in the past 24 hours.