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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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!