In the cryptocurrency world, the accumulation of Shiba Inu (SHIB) by major market players known as “whales” has attracted much attention. In the last three months, these SHIB whales have accumulated a staggering $300 million worth of tokens. Additionally, this move reflected bullish expectations for the meme cryptocurrency.
Whales are on the prowl in the SHIB market
Whales in the cryptocurrency market attract attention with their significant assets, often reaching billions. They are also famous for their potential to influence the price dynamics of various tokens. In Shiba Inu (SHIB), the consistent accumulation of these influential players is notable. Despite being categorized as a meme coin, it shows their confidence in the long-term growth potential of the asset.
A closer look at the SHIB daily chart reveals interesting patterns that shed light on the price trajectory. In particular, the upward trend appears to align with periods of increased whale accumulation. This correlation means that whenever these large investors expand their Shiba Inu holdings, the price reacts positively. This underlines the significant influence whales have on the market.
Volatility and meme coins
When considering meme coins like SHIB, it is necessary to consider the broader context. These coins have made headlines and provided rapid returns. However, they have not yet established themselves in the mainstream market. Their inherent volatility remains a primary concern for traditional investors.
However, recent corrections observed in established assets such as Ethereum and Bitcoin are turning attention back to meme cryptocurrencies. As dominant players pull back, investors are looking for alternative opportunities. Accordingly, it may offer a chance for meme coins like SHIB to showcase their potential.
Detecting multiple bottom signals
Important evaluations for SHIB came from Scott Melker, a prominent trader and crypto podcaster known as the “Wolf of Wall Street.” Melker shared his analysis of the SHIB chart on social media. Accordingly, he pointed out several potential bottom signals for the cryptocurrency. His use of a metric indicates a bullish sentiment for SHIB, indicating he sees buying opportunities.
Many in the crypto community are positive about Scott Melker’s analysis. However, not everyone shares the same feeling. In response to one of his followers who warned them not to buy SHIB based on his signals, Melker humorously said, “I’ll gladly buy yours.” This response shows confidence in the asset’s potential despite its potential decline.
SHIB Partners with RSTLSS Digital Merch Platform
Earlier this week, Shiba Inu’s team announced a strategic partnership with RSTLSS, a platform known for creating user-generated content (UGC) and digital products. RSTLSS specializes in developing “next-generation wearable devices” for a variety of applications including Web3, gaming, virtual reality and more.
The integration of the Shibarium Layer-2 solution developed by the SHIB team attracted attention. Accordingly, it will increase the capabilities of the RSTLSS platform. It will also enable the creation of physical clothing inspired by metaverse designs. Shibarium, the basis for the SHIB Metaverse, is currently in development by the team led by Shytoshi Kusama. When we look at it as Kriptokoin.com, one last development is from Australia. Accordingly, Australia-based GroveX announced the news that it now supports crypto exchange Shibarium.
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