Shiba inu

Shiba Inu Whales Bought 4.35 Trillion SHIB Since March

Shiba Inu sharks and whale addresses are continuously adding to their balances, having accumulated over 4.35 trillion SHIB since March.

This is according to on-chain data sourced by crypto behavior analytics resource Santiment. Notably, addresses holding between 100,000 and 1 million SHIB and those holding at least 1 billion tokens have seen their cumulative balance skyrocket since the start of the previous uptrend in late February.

Recall that Shiba Inu began its meteoric surge on the back of the meme coin craze on Feb. 26, when it saw its price spike to surprising heights. SHIB sustained this rally until March 5, reclaiming the 27-month high above $0.000045 in an impressive 373% increase.

Shiba Inu Sharks Accumulating Since June 2023

The ongoing accumulation pattern from Shiba Inu sharks holding between 100,000 and 1 million SHIB was already ongoing when this uptrend began, as this cohort of addresses started amassing tokens from June 2023, when SHIB dropped considerably to the cycle low of $0.00000543.

These wallets trooped in to buy the dip and persisted in their purchases into the new year. Interestingly, the campaign saw increased momentum when SHIB recorded its late February price upswing. As a result, these addresses have bought 10.61 billion tokens since March 1, now cumulatively holding 115.31 billion SHIB.

Whales Ride on Shiba Inu Uptrend

Meanwhile, the whale addresses holding at least 1 billion SHIB failed to accumulate the token during the downturn throughout last year. However, these wallets only began their accumulation campaign in late February, when SHIB started recording substantial price spikes.

Shiba Inu Sharks and Whales Santiment
Shiba Inu Sharks and Whales | Santiment

As of March 1, addresses holding at least 1 billion tokens had a cumulative balance of 965.86 trillion tokens. This figure has surged since then to the current value of 970.11 trillion. Notably, this indicates that the whale addresses have procured 4.25 trillion SHIB tokens since March 1. Their purchase spree slowed from March 23.

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Together, these two cohorts of addresses have amassed 4.356 trillion SHIB in 11 weeks. These purchases represent sustained confidence in Shiba Inu despite the downturn, especially amid the persistent bullish forecasts around its price action.

Shiba Inu Seeks to Conquer $0.000025

Shiba Inu has now embarked on a recovery push, looking to flip the $0.000025 price level to support after facing resistance at this point throughout the month. SHIB leveraged the ongoing market rebound to breach the upper band of the Bollinger Bands at $0.00002554 today. However, the resistance here has triggered a slight drop.

Shiba Inu Daily Chart 3Shiba Inu Daily Chart 3
Shiba Inu Daily Chart

SHIB now trades below the $0.000025 level, currently changing hands at $0.00002471. With another push to conquer $0.000025 on the horizon, the bulls must carefully defend the support at the middle band ($0.00002358). 

Notably, a drop below this level could bring Shiba Inu to the lower band at $0.00002161, a price level it retested earlier this week. SHIB looks to breach above a symmetrical triangle it has been trading in since March 5, with market analysts projecting a possible rally toward the $0.00005 level once this happens. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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