Shiba Inu (SHIB), the second-largest dog-themed token, has recently made its way to the top gainers’ list, showcasing an impressive performance in the last 24 hours. This surge in price comes as a result of a significant accumulation campaign undertaken by shark and dolphin wallet addresses, resulting in the accumulation of a staggering 1.11 trillion SHIB since June.
The renowned crypto behavior analytics platform, Santiment, disclosed the impressive numbers in a recent tweet.
Initially, the tweet erroneously mentioned that these addresses held up to 100 billion SHIB, but the precise figure accumulated over the past eight weeks stands at 1.11 trillion SHIB. At the current market value, this accumulation is worth approximately $9 million.
😺 #ShibaInu has been a surprise winner during the final hours of a particularly dull trading week. Shark & dolphin wallets holding 10M-100B $SHIB tokens have accumulated ~$9M in just under 8 weeks, a significant amount for the 14th ranked #crypto asset. https://t.co/WwZrvcUN0D pic.twitter.com/98A1darF5A
— Santiment (@santimentfeed) July 28, 2023
Accumulation Trend After a Period of Distribution
Santiment’s accompanying chart reveals an intriguing pattern of accumulation following a period of distribution. Shiba Inu experienced a drop in price from the $0.00001 range in mid-May, falling to a range between $0.000008628 and $0.000009. This decline triggered selloffs, continuing throughout the month of May.
However, as the price of SHIB declined further, dropping below the $0.000008 threshold, savvy investors saw an opportunity to acquire the asset at a discounted price.
Despite the persistent dips in price, these addresses continued to accumulate more tokens, suggesting a “buy-the-dip” strategy. Notably, on June 10, the price of Shiba Inu even plunged to a record low of $0.00000543 before experiencing a moderate recovery.
Rise in Accumulated Tokens and Recent Gains
As a result of this buying spree, addresses holding between 10 million and 1 billion Shiba Inu tokens now boast a cumulative balance of 32.49 trillion SHIB. With a current valuation of $267 million, these addresses have significantly increased their holdings.
This sustained accumulation has coincided with notable surges in large transactions on July 6 and mid-July, aligning with periods of price lows. These whale transactions sparked remarkable comebacks for SHIB, propelling its price to reach a high of $0.00000853 on July 15.
Following the peak on July 15, Shiba Inu experienced some fluctuations but managed to consolidate below the $0.000008 price level until recently. Impressively, SHIB has managed to outperform the market despite periods of flat trading.
Current Performance and Future Outlook
As of now, Shiba Inu is trading at $0.000008486, exhibiting a 3.36% surge in the past 24 hours and a remarkable 4.96% gain over the last week. With this impressive performance, SHIB has secured its position as the fourth biggest gainer among the top 100 assets in the last 24 hours.
As the accumulation campaign shows no signs of slowing down, it will be interesting to see how Shiba Inu continues to perform in the coming days. Will this upward trend continue, or will the market take a different turn? Only time will reveal the fate of this popular cryptocurrency.