Shiba Inu (SHIB) Sees Whale Accumulation Amidst Market Downturn
Shiba Inu (SHIB), the popular meme coin, is experiencing a surge in activity from large investors, known as whales. This accumulation trend comes despite a recent market downturn caused by inflation concerns.
Whale Activity Fuels Bullish Sentiment
Data from IntoTheBlock reveals a significant 602% increase in large holder net flows for SHIB. This suggests that whales actively buy SHIB tokens, potentially signalling confidence in the cryptocurrency’s future. The buying pressure from whales can encourage other investors to follow suit, pushing the price upwards.
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SHIB Price Movement
While the broader cryptocurrency market faced downward pressure, SHIB defied the trend with a 6% increase in the last 24 hours. However, the price remains below its March 5th peak of $0.000045 and has undergone a period of consolidation.
Market Analysis: Key Support Levels
Analysts believe maintaining the current price range between $0.000026 and $0.000033 is crucial for establishing strong support for SHIB. This zone represents a significant buying area with over 61 trillion SHIB tokens acquired by investors. Weaker support exists below this range; the strongest support lies between $0.000008 and $0.000014.
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Uncertain Future, But Whales Hold Power
While short-term price predictions are difficult, SHIB will likely experience consolidation before its next major move. Whales hold significant sway over the short-term price, but the long-term trajectory depends heavily on broader market forces within the cryptocurrency landscape.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
