SHIB Whale Alert: 257B SHIB Move & Market Impact
Shiba Inu (SHIB) experienced a turbulent January, losing $1.3 million in market capitalization. This downturn coincided with significant whale activity, raising questions about the memecoin's future trajectory. Could this be the prelude to another price surge, or is it simply market manipulation?
Whale Accumulation and Market Dip
Despite the overall market dip, a single whale wallet recently accumulated 257.5 billion SHIB. This significant purchase, along with the top ten exchange addresses holding 130.47 trillion SHIB (with a 3 trillion SHIB increase this month), has fueled speculation of a potential bull run. However, SHIB was trading 13% below its New Year opening price at press time, nearing its crucial $0.00001500 support level.
The chart below illustrates SHIB's price action during this period:
Source: TradingView
Analyzing the Recent SHIB Price Movements
Following the "TRUMP" launch, SHIB experienced a steady decline, reaching daily lows while remaining far from overbought territory on the RSI. The CMF also indicated bearish signals. Adding to the complexity, the top ten addresses dumped 30 trillion SHIB in the last ten days, creating a supply-demand imbalance.
However, a recent 6% increase in the last 24 hours, mirroring its price before the election rally (which saw a 58% surge in a week), has reignited hopes for a potential rebound. This, coupled with renewed whale accumulation, raises the question of a larger rally to come.
Is This Whale Activity Genuine or Manipulative?
After two months of a downtrend, SHIB became oversold. While there's potential for growth, the buying volume remains low at $600 million, significantly less than the $7.6 billion seen in December. The lack of retail investor participation suggests that the recent price pump is primarily driven by whales.
Source: Santiment
Whale wallets accumulated an impressive 40 trillion SHIB in January alone. The 256 million SHIB currently held could merely be the beginning of further accumulation. While a significant rally is possible, the low volume and increased volatility before the FOMC meeting suggest that the recent price increase may be a manipulation tactic. However, a bullish market shift could result in a substantial price increase.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk.
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