Since last October, Shiba Inu (SHIB) has been on an upward trajectory, breaking free from a bearish market that had constrained it for the previous two years. As meme coins gain mainstream traction, this Ethereum-based project has recently demonstrated a noticeable decoupling from other altcoins.
Read on to find out what’s fueling Shiba Inu’s rise and why experts are eyeing a potential price rally.
On-chain data reveals a compelling trend: non-exchange whales have been significantly accumulating SHIB tokens. According to Santiment’s analysis, the top 150 Shiba Inu whales—excluding addresses linked to exchanges—have amassed over 6.5 trillion SHIB tokens in the past month. In contrast, the top 150 SHIB addresses associated with crypto exchanges have reduced their holdings by approximately 5.53 trillion SHIB tokens.
This shift in whale behavior suggests an impending price rally for Shiba Inu, driven by heightened demand from these large investors.
The Shiba Inu ecosystem has experienced substantial growth over the past year, largely thanks to the Shibarium Layer 2 network. With a dozen DeFi projects already launched on Shibarium, there has been a noticeable increase in on-chain activity and the burn rate of SHIB tokens.
In addition, Shiba Inu has garnered significant support from global enterprises that accept it as a payment method. The meme coin boasts deep liquidity and a thriving online community of over 1.3 million holders, further solidifying its position in the crypto market.
Shiba Inu’s price has undergone a market correction over the past four months, presenting a prime opportunity for long-term investors. A potential altseason is on the horizon, particularly if Bitcoin’s dominance begins to reverse.
From a technical perspective, Shiba Inu’s price recently rebounded off the 50-week Moving Average (MA), successfully retesting its macro bullish breakout. This sets the stage for Shiba Inu to aim for its all-time high in the near future.
As Shiba Inu continues to consolidate and attract whale interest, its future looks increasingly promising, making it a notable asset to watch.
Read Also: Memecoins Outclassed by Major Tokens: BONK Losing the Grip, WIF, FLOKI, & BOME Prices Plunge!
Shiba Inu to the Moon? What are your thoughts on the future of SHIB?
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