Shiba Inu sharks and whale addresses have been steadily increasing their holdings, accumulating over 4.35 trillion SHIB since March, according to on-chain data from crypto behavior analytics resource Santiment. Notably, addresses holding between 100,000 and 1 million SHIB, as well as those holding at least 1 billion tokens, have seen a significant surge in their cumulative balance since the beginning of the previous uptrend in late February.
Shiba Inu’s meteoric rise began during the meme coin craze on February 26, when its price saw a dramatic spike. The rally continued until March 5, with SHIB reaching a 27-month high above $0.000045, marking an impressive 373% increase.
The ongoing accumulation pattern by Shiba Inu sharks, who hold between 100,000 and 1 million SHIB, started back in June 2023 when SHIB dropped significantly to a cycle low of $0.00000543. These wallets took advantage of the dip and continued to make purchases throughout the new year. Interestingly, their buying momentum increased when SHIB recorded its late February price surge. As a result, these addresses have acquired 10.61 billion tokens since March 1, currently holding a cumulative balance of 115.31 billion SHIB.
On the other hand, whale addresses holding at least 1 billion SHIB did not accumulate the token during the downturn last year. However, they began their accumulation campaign in late February when SHIB started experiencing substantial price spikes. As of March 1, these addresses had a cumulative balance of 965.86 trillion tokens, which has increased to the current value of 970.11 trillion. Since March 1, the whale addresses have purchased 4.25 trillion SHIB tokens, although their buying activity slowed down from March 23.
In total, these two groups of addresses have acquired 4.356 trillion SHIB in the span of 11 weeks, indicating sustained confidence in Shiba Inu despite the market downturn. The project continues to receive bullish forecasts for its price action.
Shiba Inu is currently seeking to surpass the $0.000025 price level and turn it into support after facing resistance throughout the month. Today, SHIB managed to breach the upper band of the Bollinger Bands at $0.00002554, but encountered resistance, leading to a slight drop. It is currently trading below the $0.000025 level at $0.00002471. The bulls must be cautious in defending the support at the middle band ($0.00002358) to avoid further drops. A drop below this level could bring SHIB to the lower band at $0.00002161. However, if SHIB can break out of the symmetrical triangle it has been trading in since March 5, market analysts project a possible rally towards the $0.00005 level.
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