On-chain Activity Hints at Growing Appetite for Shiba Inu, Are Whales Starting to Finally Accumulate SHIB?
After a prolonged absence, whales may be returning to purchase battered meme token Shiba Inu in a potentially bullish sign of renewed conviction, according to on-chain analytics service NerdBot.
Analysis identified fresh wallet clusters accumulating SHIB over recent days, breaking a months-long streak of distribution by large holders. This uptick in acquisitions among newer money indicates a shift in big-player sentiment.
Notably, an anonymous whale known as 0xb75 withdrew nearly $2.13 million worth of SHIB from Coinbase across three transactions in the past few weeks. Such large-scale movements to self-custody wallets often precede long-term holds.
The on-chain activity comes as SHIB hovers near all-time lows, declining over 85% from its peak. But historically, extended bear markets eventually entice opportunistic whales to build positions in discounted assets.
While still early, the recent data may suggest a slow pivot toward this accumulation phase for SHIB as deep pessimism dissuades weaker hands. If renewed whale interest persists, it could precede a broader change in trend.
Of course, short-term volatility remains likely as whales test support levels with market sales. But their renewed participation provides a glimmer of positive momentum after SHIB’s brutal selloff.
Ultimately, if major holders sustain accumulation, it validates SHIB’s lingering appeal and signals potential bargain-hunting among savvy traders during extreme fear conditions.
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