- Shiba Inu remains the delight of big investors with accumulations topping 338 billion SHIB tokens.
- The sustained accumulation can help erase a zero in the mid to long-term.
Shiba Inu (SHIB), the famous dog-inspired memecoin, is seeing a noticeable shift in market dynamics, with the tide appearing to be turning in favor of the Ethereum-based token. Recent data in the crypto market has revealed a remarkable surge in the accumulation of SHIB by large investors.
Over the course of the past week, influential participants in the crypto market have acquired an astonishing 338.1 billion more SHIB tokens than they sold, resulting in a staggering total of 9.34 trillion tokens being amassed. The recent surge in SHIB token accumulation by large investors highlights the growing confidence and interest in the Shiba Inu token.
With the massive buyup which notably supersedes the selloff in the past week, influential participants in the crypto market have demonstrated their belief in the potential of SHIB. This influx of investment could have a positive impact on the token’s value and could lead to increased attention from retail investors.
The increased involvement of major investors in SHIB and their focus on long positions can have several implications for the broader market. Their participation brings additional liquidity and credibility to SHIB, as their investment decisions are often closely followed by other market participants.
Adding to the excitement surrounding SHIB is the impending launch of Shibarium, a layer-2 protocol built on the Ethereum network. Shibarium aims to provide a vibrant infrastructure where new applications can be built for SHIB token holders, allowing them to trade tokens and participate in various Decentralized Finance (DeFi) applications.
Additionally, SHIB has entered a phase of consolidation, trading within a narrow range with minimal fluctuations not exceeding 6 percent. This unexpected period of stability has managed to captivate major investors, who have increasingly taken up long positions in SHIB over the past week.
Can SHIB Eliminate More Zeros?
Despite the significant accumulation of SHIB tokens by large investors and their demonstrated confidence in the memecoin, the price of SHIB has not shown a positive response. Recent data from Marketcap indicates a decline in the price of SHIB, with a decrease of 5.8 percent over the past 24 hours and a seven-day slump of 7.7 percent. At the moment, each SHIB is changing hands at a price of $0.000008048.
While SHIB is on track to erase one more zero, the crypto market as a whole has experienced notable fluctuations and regulatory challenges in recent times, and SHIB may be influenced by larger market patterns.
Though the possibility of eliminating more zeros remains speculative, the evolving landscape of SHIB, including the introduction of Shibarium, holds promise for further growth and adoption.
For SHIB, the current consolidation phase indicates a brief balance between buyers and sellers as the crypto’s price settles above its key support level. The absence of substantial price movements shows a level of stability and may prepare the stage for the next major price shift.
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