Meme Coin SHIB Bucks the Trend as Whales Accumulate, Projecting a 90% Uptrend

Known meme coin Shiba Inu (SHIB) is hogging the headlines; massive accumulators are increasing efforts due to a volatile market.

Shiba Inu (SHIB) continues to be a hot topic in the crypto world, with its price movements closely watched by both traders and investors. Recent data from Santiment highlights the increasing efforts by large holders to accumulate SHIB amid a volatile market.

According to the latest analysis, the inflow from large holders has surged by 555% over the last 90 days. This massive accumulation indicates that major stakeholders are taking positions to capitalize on an expected increase in the asset’s value.

notable considering the overall bearish sentiment expressed in the broader crypto market.

Shiba Inu’s Growing Market Trend

While the broader market sentiment remains largely negative, SHIB’s ongoing trend seems to be presenting a developing resilience.

As noted by Santiment, the negative sentiment in SHIB has dramatically decreased by 718% in just one day. This sharp decline in percentage indicates growing investor pessimism, especially considering the fact that the price of SHIB had dropped from its weekly high at $0.00001929 to below $0.000017.

However, this silver lining shows that the 7-day sentiment for SHIB has spiked upward by over 2,800%, which could be an antidote for the asset to get a bounce-back.

Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M market cap projects showing the best upside based on buying into the crowd FUD:

1⃣… pic.twitter.com/OvnvlWdSus

— Santiment (@santimentfeed) October 23, 2024

This might be an opportunity for brilliant traders to play along. If the sentiment went bearish, then, generally speaking, price moved in the opposite direction. In the case of weighted sentiment being positive at 339% for 30 days for SHIB, hope is still not completely lost and maybe, it will be rallying within the coming days.

Significant Increase in Whale Activities

The recent analysis also highlights a significant increase in large-holder inflows, which could be a major factor in SHIB’s price performance.

Over the last three months, these inflows surged by 554.88%, suggesting that major investors see value in accumulating SHIB at current prices. In fact, there was also a 163% increase in inflows over the past month, and even a modest uptick of 1.29% in the last week.

Despite these positive indicators from large holders, trading volume has seen a slight decline of 5.23% in one day. This drop indicates that many investors are still hesitant to make significant moves in this volatile environment. They may be waiting for clearer signals before committing to trades.

Further out, SHIB appears to be on an uptrend at a much slower pace, with a projected 90% rise for the next six months, possibly due to growing interest in the long-term potential, data from CoinCheckup shows. Even more encouraging, analysts also project a strong rise of 76% over the next year, clearly outlining positive growth expectations commensurate with the incrementing adoption of SHIB and its use cases.

A Dall-E created featured image, and a chart from TradingView.

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