<p><a href="https://www.newsbtc.com/shiba-inu/shiba-inu-whales-shib/#:~:text=Shiba%20Inu%20Whale%20Accumulates%20332%20Billion%20SHIB%20Tokens&amp;text=A%20plausible%20explanation%20is%20the,almost%2040%20trillion%20SHIB%20tokens." rel="noopener noreferrer nofollow" target="_blank">Shiba Inu </a>(SHIB) whales have regained confidence in the <a href="https://bitcoinist.com/shiba-inu-dogecoin-shib-excitement/" rel="noopener noreferrer nofollow">second-largest meme coin</a> by market cap. Recent data shows that these investors are no longer looking to offload their holdings but instead opting to hold for the long term.&nbsp;</p>
<h2 id="shiba-inu-whales-accumulate-more-shib">Shiba Inu Whales Accumulate More SHIB</h2>
<p><a href="https://bitcoinist.com/crypto-undervalued-altcoins/" rel="noopener noreferrer nofollow">On-chain analytics platform Santiment</a> mentioned in an X (formerly Twitter) <a href="https://x.com/santimentfeed/status/1810792970649751591" rel="noopener noreferrer nofollow" target="_blank">post</a> that non-exchange Shiba Inu whales have been accumulating more SHIB, with these investors now holding 6.57 trillion SHIB tokens than they did a month ago. This <a href="https://bitcoinist.com/glassnode-phases-bitcoin-accumulation-distribution/#:~:text=The%20relevant%20indicator%20here%20is,of%20holdings%20of%20these%20participants." rel="noopener noreferrer nofollow">accumulation trend</a> coincides with the decline in exchange wallets, suggesting that more retail investors are entering the meme coin’s ecosystem.&nbsp;</p> <img loading="lazy" decoding="async" class="size-medium wp-image-309856" src="https://bitcoinist.com/wp-content/uploads/2024/07/Shiba-Inu-whales.png?w=512&amp;resize=512%2C349" alt="Shiba Inu whales" width="512" height="349" data-recalc-dims="1">
<p>This is undoubtedly a positive development for Shiba Inu holders, given how the meme coin significantly declined following the <a href="https://bitcoinist.com/bitcoin-price-crashed-58000/" rel="noopener noreferrer nofollow">recent market downtrend</a>. Santiment also noted that the meme coin experienced a “mini decoupling” from <a href="https://bitcoinist.com/altcoin-season-ethereum-breakout/" rel="noopener noreferrer nofollow">other altcoins</a> over the weekend and made modest gains.&nbsp;</p>
<p>Shiba Inu may also continue to witness an impressive rebound from its current price level based on its <a href="https://bitcoinist.com/shiba-inu-and-dogecoin-today/" rel="noopener noreferrer nofollow">strong positive correlation</a> with Bitcoin’s price. The flagship crypto has already seen some gains over the past few days and is again looking to reclaim $60,000 as support. SHIB could also enjoy massive gains and reclaim the crucial support at $0.00002 if that happens.</p>
<p>Given Andrew Kang’s prediction, Shiba Inu whales’ decision to hold the meme coin could be a very profitable move. The crypto expert <a href="https://bitcoinist.com/meme-coin-shiba-inu-dogecoin/" rel="noopener noreferrer nofollow">recently mentioned</a> that meme coins account for most of the altcoins that will reach new heights by the fourth quarter of this year or the beginning of 2025.&nbsp;</p>
<p>Crypto analysts like Crypto Kaleo have also described this <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="noopener noreferrer nofollow">market cycle</a> as a “super meme cycle,” with meme coins projected to be the biggest gainers in this bull run. Based on this, several other crypto analysts like Javon Marks have <a href="https://bitcoinist.com/bullish-predictions-shiba-inu/" rel="noopener noreferrer nofollow">also predicted</a> that Shiba Inu could shed another zero and rise to new highs.&nbsp;</p>
<h2 id="other-bullish-developments-for-shib">Other Bullish Developments For SHIB</h2>
<p>Other bullish developments on the horizon for Shiba Inu could spark a massive rally for the meme coin. One is the <a href="https://bitcoinist.com/ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week." rel="noopener noreferrer nofollow">Spot Ethereum ETFs</a>, which are expected to begin trading anytime from now. These funds are expected to positively impact Shiba Inu’s price because some traders consider the meme coin a beta play to Ethereum. Therefore, SHIB could rally as Ethereum moves to the upside.&nbsp;</p>
<p>Coinbase will <a href="https://bitcoinist.com/shiba-inu-gets-major-boost-from-coinbase-with-latest-cftc-filing/" rel="noopener noreferrer nofollow">launch</a> CTFC-regulated Shiba Inu futures contracts on July 15. This move is expected to drive institutional adoption of the meme coin. It could also pave the way for the launch of a Shiba Inu ETF, especially with the community <a href="https://bitcoinist.com/shiba-inu-etf-petition-10000/" rel="noopener noreferrer nofollow">pushing hard</a> for such a fund.&nbsp;</p>
<p>At the time of writing, Shiba Inu is trading at around $0.00001648, down in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow" target="_blank">data</a> from CoinMarketCap.&nbsp;</p> <img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ws6NGjQK/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1566">

Shiba Inu Whales Go On Buying Spree, Here’s How Much They Now Hold

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