Shiba

Accumulate

2024

Shiba Inu

Rise

Shiba Inu price crash on August 27 was in line with the broader crypto market crash. Although SHIB shed 6.5% of its market value, whales saw it fit to accumulate SHIB at a discount. The spike in whale activity to a monthly high hints at a potential recovery rally for the meme coin. Interestingly, this surge in whale activity coincides with the Shiba Inu community’s efforts to enhance the ecosystem through plans to launch a decentralized autonomous organization (DAO). Meanwhile, retail traders took the opportunity to make a few bucks by shorting the asset. Will SHIB price survive this market onslaught? 
Read more:&nbsp;<a href="https://coingape.com/markets/shiba-inu-price-will-shib-hit-1-in-2024/">Will Shiba Inu Price Hit $1 in 2024</a> 
<h2 id="whale-accumulation-may-spur-shiba-price-rise">Whale Accumulation May Spur SHIBA Price Rise</h2> 
The activity of Shiba Inu whales increased over the last 24 hours as the price dropped, which means they may have rushed to add more to their portfolios at lower prices. <a rel="nofollow" href="https://app.santiment.net/charts/H7qUuj09__sCl">Santiment</a> data reveals a huge spike in the activity of whales with SHIB holdings of $100,000 or more, the largest since July 18. 
<img decoding="async" class="aligncenter size-full wp-image-214403" src="https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024.png" alt=" Shiba Inu Price" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/SHIBA-INU-SHIB-09.17.08-28-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px"><a rel="nofollow" href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=ownership&amp;chart=concentration">IntoTheBlock</a> data also shows that large holders’ netflow was positive between August 26 and 27, suggesting that the spike in whale activity detected during the price crash could have been caused by large holders adding more SHIB tokens. 
<img decoding="async" class="aligncenter size-full wp-image-214404" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625.png" alt="Shiba" width="1576" height="432" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625.png 1576w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625-300x82.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625-1224x336.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625-768x211.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625-1536x421.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-091625-150x41.png 150w" sizes="(max-width: 1576px) 100vw, 1576px">This heightened whale activity takes place against the backdrop of plans for Shiba Inu decentralized autonomous organization (DAO), as announced by SHIB Head of Marketing, “Lucie.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://t.co/mj7SRzf6yi">https://t.co/mj7SRzf6yi</a> 
 — 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) <a href="https://twitter.com/LucieSHIB/status/1827246835338981443?ref_src=twsrc%5Etfw">August 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to “Lucie,” the purpose of launching the DAO is to allow holders of the meme coin to vote on future initiatives and have a say in the project’s future direction.&nbsp; 
<h2 id="will-dropping-popularity-affect-shiba-inu-price">Will Dropping Popularity Affect Shiba Inu Price?</h2> 
While the <a href="https://coingape.com/price/shiba-inu/">SHIB price</a> risks an extended 6% drop following the recent market drop instigated by Bitcoin, whales are rushing in to buy more tokens. 
But before that, data from Santiment shows that Shiba Inu’s popularity is dropping as social dominance dropped to 0.268%, a one-year low. 
Additionally, there is more negative than positive sentiment on Shiba Inu currently in the market, which may contribute to the drop in Shiba Inu price. This drop in popularity may also be due to the decline registered in the Shiba Inu burn rate. 
According to the <a rel="nofollow" href="https://www.shibburn.com/">Shibburn</a> platform, the burn rate has recently dropped to only 261,691 SHIB burned in the last 24 hours. This is a drop from over 7 million SHIB burned just a day before, a nearly 100% decrease. 
<img decoding="async" class="aligncenter size-full wp-image-214405" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-104227.png" alt="Burn Rate" width="884" height="439" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-104227.png 884w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-104227-300x149.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-104227-768x381.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-104227-150x74.png 150w" sizes="(max-width: 884px) 100vw, 884px">This decline in the SHIB burn rate, a metric that indicates community engagement and token scarcity, may indicate diminishing enthusiasm among holders. Alternatively, Shiba Inu holders might suspect a price increase and choose not to sacrifice their tokens for burning. 
Overall, Shiba Inu remains a strong project with promise. The current price downturn is a market-wide phenomenon, and, similar to August 5, the recovery may be stronger. <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">Shiba Inu price prediction</a> shows in such a scenario, it may surge 35% to $0.00001740. 
The post <a href="https://coingape.com/markets/will-shiba-inu-price-rebound-soon-as-whales-accumulate-amid-dao-plans/">Shiba Inu Whales Could Prompt Imminent SHIB Price Recovery to $1</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Whales Could Prompt Imminent SHIB Price Recovery to $1

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