The second-largest meme coin, Shiba Inu (SHIB), has experienced a drop in value amid the recent crypto bearish sentiments and regulatory crackdown in the United States. However, Shiba Inu whales have been increasing their accumulation, hinting at a potential rebound. This article explores the current state of SHIB and its prospects for the future.
Shiba Inu Hit by Bearish Waves
Shiba Inu’s value plummeted by over 16 percent following the onset of the crypto regulatory crackdown in the United States. This drop was exacerbated by a sustained decline in crypto liquidity, causing the 24-hour trading volume of SHIB to fall below $100 million.
Despite the bearish sentiments, Shiba Inu whales have been actively accumulating more coins. On-chain analysis provided by Lookonchain reveals that the largest non-exchange whale acquired an additional 1.5 trillion coins worth approximately $10 million. Interestingly, these purchases were made from prominent exchanges such as Binance and Coinbase.
Also Read: XRP, ADA, DOGE, SHIB & 2 More Altcoins Poised To Surge High In Coming Days – Santiment Reports
From a technical standpoint, Shiba Inu’s price on the weekly timeframe has reached oversold levels according to the Relative Strength Indicator (RSI). This suggests a potential rebound in the near future. Additionally, analyzing Shiba Inu’s price movements using Elliott Wave theory indicates that the coin may be in the final phase before an ABC correction to the upside.
The largest holder of $SHIB accumulated 1.5T $SHIB ($10M) from #Binance and #Coinbase again 4 hrs ago.
Address"0x40B3" holds 5.3T $SHIB($35.5M), and transferred 20T $SHIB($134.4M) to address "0x73AF" on May 16.
The whale is the largest holder of $SHIB excluding exchanges. pic.twitter.com/irMR39mfwE
— Lookonchain (@lookonchain) June 13, 2023
Looking ahead, the crypto market is approaching the Bitcoin halving event, which historically triggers a bull rally fueled by speculative trading. This presents a favorable opportunity for altcoin investments, with the highest risk-to-reward ratio expected in the coming quarters.
Gain More Insights: Bitcoin Halving: Why It Matters & What To Expect
