Shiba Inu (SHIB) is experiencing a surge in whale inflows. Whale capital has risen by 643% over the last 30 days. The surge in whale money coincides with SHIB’s latest price rally. The popular cryptocurrency is up 4.5% in the daily charts, 29.5% in the weekly charts, 21.3% in the 14-day charts, and 36.3% over the previous month. Despite the upswing, SHIB’s price has fallen 25.8% since May 2024.
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Shiba Inu Follows Market Resurgence
SHIB’s latest rally comes amid a bullish breakout for the cryptocurrency market. Bitcoin (BTC) is testing the $105,000 mark. The original crypto could be on its way to a new all-time high.
According to the data from IntoTheBlock, the number of SHIB holders in profit has risen by 6.81%. A total of 45% of SHIB holders are currently in the money. Despite the recent turnaround, 51% of SHIB holders are still in the red.
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Whale movement is a central element for Shiba Inu’s (SHIB) price movements. 74% of all SHIB tokens in circulation are held by whale wallets. IntoTheBlock notes that large transactions have fallen by 4.99%. This development may present some challenges to SHIB’s rally.
$0.0001 Closer Than We Think?
Shiba Inu (SHIB) has to rally by about 497.7% to hit the $0.0001 target. While the figure may seem significant, it is not something the project has not achieved before. From its launch in 2020 till it hit an all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million percent.
SHIB may continue its rally if Bitcoin (BTC) maintains its upward momentum. Whale interest is another aspect that could help propel SHIB’s price.
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The Shiba Inu (SHIB) team is reportedly working on a new burn mechanism, rumored to destroy trillions of tokens yearly. If the team can drastically reduce the project’s supply, we could reach the $0.0001 target very soon.
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