Shiba Inu secures a spot among the top gainers amid an accumulation campaign that has seen shark and dolphin addresses amass 1.11 trillion SHIB since June.
Shiba Inu has slipped into the top gainers’ list among the 100 largest crypto assets in the past 24 hours. This bullish situation has materialized amid a massive accumulation trend observed among shark and dolphin addresses since June.
Santiment, a leading crypto behavior analytics platform, disclosed in a recent tweet that shark and dolphin wallet addresses, holding 10 million to 1 billion SHIB, have accumulated 1.11 trillion SHIB worth $9 million in just under eight weeks. The tweet had erroneously stated that these addresses hold up to 100 billion SHIB.
😺 #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
Santiment’s accompanying chart indicates that accumulation began after a period of distribution. As Shiba Inu’s price dropped from the $0.00001 territory in mid-May, it found a range between $0.000008628 and $0.000009, triggering selloffs that persisted throughout the rest of May.
However, as SHIB’s price declined, eventually dropping below the $0.000008 territory, investors saw an opportunity to procure the asset at a discount. The persistent declines enticed investors to build their holdings, kickstarting the accumulation spree in early June.
Despite the price drops, these addresses continued to amass more tokens, suggesting a “buy-the-dip” pattern. The accumulation trend remained steadfast even as the price of Shiba Inu plummeted to a record low of $0.00000543 on June 10, followed by a moderate recovery.
As a result of the buying spree, addresses holding between 10 million and 1 billion Shiba Inu tokens now cumulatively have a balance of 32.49 trillion SHIB. These tokens are currently valued at a massive $267 million.
Shiba Inu Among Top Gainers
Amid the sustained accumulation, the market witnessed notable surges in large transactions on July 6 and mid-July, coinciding with price lows. However, these whale transactions triggered remarkable comebacks, pushing SHIB to a high of $0.00000853 on July 15.
Subsequently, Shiba Inu dropped below the July 15 high and continued to consolidate below the $0.000008 price threshold until recently. SHIB has engineered a comeback against the bears, witnessing noticeable gains when the rest of the market trades flat.
Yesterday, SHIB registered a noteworthy 4.74% intraday gain, concluding the day at $0.00000817. This marked the first time in nearly two weeks that the asset closed above $0.000008 on the daily timeframe.
Shiba Inu is trading at $0.000008225 as of press time, exhibiting a 5.51% surge in the past 24 hours and a remarkable 4.96% gain over the last week. As a result, SHIB is the fourth biggest gainer among the top 100 assets over the past 24 hours.