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Shiba Inu (SHIB) whales have regained confidence in the second-largest meme coin by market cap. 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 Whales Accumulate More SHIB
On-chain analytics platform Santiment mentioned in an X (formerly Twitter) post that non-exchange Shiba Inu whales have been accumulating more SHIB, with these investors now holding 6.57 trillion SHIB tokens than they did a month ago. This accumulation trend coincides with the decline in exchange wallets, suggesting that more retail investors are entering the meme coin’s ecosystem.
This is undoubtedly a positive development for Shiba Inu holders, given how the meme coin significantly declined following the recent market downtrend. Santiment also noted that the meme coin experienced a “mini decoupling” from other altcoins over the weekend and made modest gains.
Shiba Inu may also continue to witness an impressive rebound from its current price level based on its strong positive correlation with Bitcoin’s price. The flagship crypto has already seen some gains over the past few days and is again looking to reclaim $60,000 as support. SHIB could also enjoy massive gains and reclaim the crucial support at $0.00002 if that happens.
Given Andrew Kang’s prediction, Shiba Inu whales’ decision to hold the meme coin could be a very profitable move. The crypto expert recently mentioned that meme coins account for most of the altcoins that will reach new heights by the fourth quarter of this year or the beginning of 2025.
Crypto analysts like Crypto Kaleo have also described this market cycle as a “super meme cycle,” with meme coins projected to be the biggest gainers in this bull run. Based on this, several other crypto analysts like Javon Marks have also predicted that Shiba Inu could shed another zero and rise to new highs.
Other Bullish Developments For SHIB
Other bullish developments on the horizon for Shiba Inu could spark a massive rally for the meme coin. One is the Spot Ethereum ETFs, which are expected to begin trading anytime from now. These funds are expected to positively impact Shiba Inu’s price because some traders consider the meme coin a beta play to Ethereum. Therefore, SHIB could rally as Ethereum moves to the upside.
Coinbase will launch CTFC-regulated Shiba Inu futures contracts on July 15. This move is expected to drive 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.
Featured image created with Dall.E, chart from Tradingview.com
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