Shiba Inu News Today: SHIB Price Poised for Breakout as Whale Accumulation Surge
The post Shiba Inu News Today: SHIB Price Poised for Breakout as Whale Accumulation Surge appeared first on Coinpedia Fintech News
Shiba Inu (SHIB) price has been rising since last October, after being trapped in a bearish market for the prior two years. Amid the mainstream adoption of meme coins, the Ethereum-based project experienced a mini decoupling from other altcoins in recent times.
As the mid-cap altcoin continues to consolidate in a triangular pattern on the daily time frame, on-chain data shows that non-exchange whales have been accumulating in the recent past.
According to on-chain data analysis provided by Santiment, the top 150 Shiba Inu whales, excluding addresses associated with exchanges, accumulated more than 6.5 trillion SHIB tokens in the past month.
Meanwhile, the top 150 SHIB addresses associated with crypto exchanges registered a decline of about 5.53 trillion Shiba Inu tokens in the past month. The increased demand for Shiba Inu from whale investors indicates an inevitable price rally ahead.
Shiba Inu Ecosystem Ready for Mass Adoption
In the past year, the Shiba Inu ecosystem has significantly benefited from the Shibarium layer two network. Already, a dozen DeFi projects have launched on the Shibarium network, thus increasing overall on-chain activity and the underlying burn rate.
Meanwhile, Shiba Inu has received remarkable support from dozens of enterprises worldwide that accept crypto as a means of payment. Moreover, the meme coin has deep liquidity and a vibrant online community of over 1.3 million holders.
Mid and long-term Price Expectations
Shiba Inu’s price has been undergoing a market correction in the past four months, which has been a huge opportunity for long-term investors. Moreover, a fresh altseason is expected to kickstart after Bitcoin dominance begins a reversal in the near term.
From a technical standpoint, Shiba Inu’s price rebounded on the 50 weekly Moving Average (MA), thus successfully retesting the macro bullish breakout. As a result, Shiba Inu’s price aims to retest for its all-time high in the near term.
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