Shiba Inu (SHIB) whales have regained confidence in the second largest meme coin by market capitalization. Recent data shows that these investors are no longer looking to get rid of their assets, but are instead choosing to hold them for the long term.
Shiba Inu whales accumulate more SHIB
Santiment On-Chain Analytics Platform mentioned in an X (formerly Twitter) job that non-exchange Shiba Inu whales have accumulated more SHIB, with these investors now holding 6.57 trillion SHIB tokens than a month ago. tendency to accumulate coincides with the decline of exchange wallets, suggesting that more retail investors are entering the meme coin ecosystem.
This is undoubtedly a positive development for Shiba Inu holders, given the significant decline in the currency itself after the Recent downward market trend. Santiment also noted that the meme currency has experienced a “mini decoupling” from other altcoins over the weekend and made modest gains.
The Shiba Inu could also continue to see an impressive rebound from its current price level depending on its strong positive correlation with the price of Bitcoin. The flagship cryptocurrency has already seen some gains in the past few days and is once 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 predictions, Shiba Inu whales’ decision to hold the meme currency could be a very profitable one. The crypto expert recently mentioned that meme coins represent most of the altcoins that will reach new highs by the fourth quarter of this year or early 2025.
Crypto analysts like Crypto Kaleo have also described this market cycle as a “meme supercycle,” with meme coins expected to be the biggest winners 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 reach new heights.
Other bullish developments for SHIB
More bullish developments on the horizon for Shiba Inu could trigger a massive rally for the meme coin. One of them is the Ethereum ETFs under the microscopewhich are expected to start trading anytime from now. These funds are expected to have a positive impact on Shiba Inu’s price, as some traders view the meme coin as a beta play compared to Ethereum. Therefore, SHIB could recover as Ethereum moves higher.
Coinbase will do it launch CTFC-regulated Shiba Inu futures will launch on July 15. The move is expected to boost institutional adoption of the meme currency. It could also pave the way for the launch of a Shiba Inu ETF, particularly among the community. push hard for such a fund.
At the time of writing, Shiba Inu is trading at around $0.00001648, down over the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart by Tradingview.com
