The Shiba Inu (SHIB) community has always rallied behind the popular meme coin during critical moments, and it appears that major investors—or “whales”—are stepping in once again. Despite a recent bullish run, SHIB has entered a prolonged consolidation phase, with many still uncertain about its next move. However, large holders are now actively accumulating the token, which could be a sign of a coming reversal.
Whales Buying SHIB During Ideal Market Conditions
Shiba Inu is currently in a prime buying zone due to the ongoing sideways movement in its price. While some investors remain cautious, whales have started purchasing SHIB at discounted levels, seizing the opportunity to buy low with expectations of a future price surge.
Recent data from CryptoQuant reveals that on September 23, whales removed over 621 billion SHIB tokens from cryptocurrency exchanges, marking one of the largest exchange outflows for SHIB in the past two weeks. The total value of these tokens, based on the current price, is approximately $9.11 million.
What Does This Mean for SHIB’s Price?
Historically, significant exchange withdrawals of Shiba Inu have often been followed by upward price movements. While this doesn’t guarantee a massive rally, it typically signals bullish sentiment among major investors, which could lead to gains in the near term. However, it’s important to note that several external factors also influence the price, so a monumental price jump might not be immediate.
Currently, SHIB is trading at $0.0000147, marking a 0.95% increase in the past 24 hours. Over the last seven days, the coin is up 10.26%, driven by a broader recovery in the crypto market. With the latest whale activity, SHIB could be poised to target new highs in the near future.
Conclusion
As whales continue to accumulate SHIB, the community is optimistic about a potential price increase. While the market remains unpredictable, the strategic moves by large investors offer a glimmer of hope for Shiba Inu holders. Whether this will spark a significant rally or a moderate price uptick, SHIB remains a token to watch.
