Shiba Inu (SHIB) whales have regained confidence in the second largest meme coin based on market capitalization. Recent data shows that these investors no longer want to sell their assets, but instead choose to hold them for the long term.
Shiba Inu whales collect more SHIB
On-chain analytics platform Santiment listed in an X (formerly Twitter) after that non-exchange Shiba Inu whales have accumulated 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 the number of exchange wallets, indicating that more retail investors are entering the meme coin ecosystem.
This is undoubtedly a positive development for Shiba Inu owners, given how the meme coin dropped significantly after the recent market declineSantiment also noted that the meme coin underwent a “mini-decoupling” from other altcoins last weekend and posted modest gains.
Shiba Inu can also continue to experience an impressive recovery from the current price level based on its strong positive correlation with the price of Bitcoin. The flagship crypto has already made some gains in the past few days and hopes to reclaim $60,000 as support. SHIB could also enjoy massive gains and reclaim the crucial support at $0.00002 if that happens.
Considering Andrew Kang’s prediction, the Shiba Inu whales’ decision to hold the meme coin could be a very profitable move. The crypto expert recently mentioned that meme coins will make up the majority of altcoins set to reach new highs by Q4 of this year or early 2025.
Crypto analysts like Crypto Kaleo have also described this market cycle as a “super meme cycle”, with meme coins expected to be the biggest winners in this bull run. Based on this, several other crypto analysts such as Javon Marks also predicted that Shiba Inu could lose another zero and reach new heights.
Other positive developments for SHIB
Other bullish developments on the horizon for Shiba Inu could spark a massive rally for the meme coin. One of them is the Spot Ethereum ETFswhich are expected to be available for trading from now on. These funds are expected to have a positive impact on the price of Shiba Inu, as some traders consider the meme coin as a beta play for Ethereum. Therefore, SHIB could rise as Ethereum rises.
Coinbase will launch CTFC-regulated Shiba Inu futures contracts on July 15. The move is expected to boost institutional adoption of the meme coin. It could also pave the way for the launch of a Shiba Inu ETF, specifically with 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 facts from CoinMarketCap.
Main image created with Dall.E, chart from Tradingview.com