Shiba Inu sharks and whale addresses are continuously adding to their balances, having accumulated over 4.35 trillion SHIB since March.

This is according to on-chain data sourced by crypto behavior analytics resource Santiment. Notably, addresses holding between 100,000 and 1 million SHIB and those holding at least 1 billion tokens have seen their cumulative balance skyrocket since the start of the previous uptrend in late February.

Recall that Shiba Inu began its meteoric surge on the back of the meme coin craze on Feb. 26, when it saw its price spike to surprising heights. SHIB sustained this rally until March 5, reclaiming the 27-month high above $0.000045 in an impressive 373% increase.

Shiba Inu Sharks Accumulating Since June 2023

The ongoing accumulation pattern from Shiba Inu sharks holding between 100,000 and 1 million SHIB was already ongoing when this uptrend began, as this cohort of addresses started amassing tokens from June 2023, when SHIB dropped considerably to the cycle low of $0.00000543.

These wallets trooped in to buy the dip and persisted in their purchases into the new year. Interestingly, the campaign saw increased momentum when SHIB recorded its late February price upswing. As a result, these addresses have bought 10.61 billion tokens since March 1, now cumulatively holding 115.31 billion SHIB.

Whales Ride on Shiba Inu Uptrend

Meanwhile, the whale addresses holding at least 1 billion SHIB failed to accumulate the token during the downturn throughout last year. However, these wallets only began their accumulation campaign in late February, when SHIB started recording substantial price spikes.

As of March 1, addresses holding at least 1 billion tokens had a cumulative balance of 965.86 trillion tokens. This figure has surged since then to the current value of 970.11 trillion. Notably, this indicates that the whale addresses have procured 4.25 trillion SHIB tokens since March 1. Their purchase spree slowed from March 23.

Together, these two cohorts of addresses have amassed 4.356 trillion SHIB in 11 weeks. These purchases represent sustained confidence in Shiba Inu despite the downturn, especially amid the persistent bullish forecasts around its price action.

Shiba Inu Seeks to Conquer $0.000025

Shiba Inu has now embarked on a recovery push, looking to flip the $0.000025 price level to support after facing resistance at this point throughout the month. SHIB leveraged the ongoing market rebound to breach the upper band of the Bollinger Bands at $0.00002554 today. However, the resistance here has triggered a slight drop.

SHIB now trades below the $0.000025 level, currently changing hands at $0.00002471. With another push to conquer $0.000025 on the horizon, the bulls must carefully defend the support at the middle band ($0.00002358). 

Notably, a drop below this level could bring Shiba Inu to the lower band at $0.00002161, a price level it retested earlier this week. SHIB looks to breach above a symmetrical triangle it has been trading in since March 5, with market analysts projecting a possible rally toward the $0.00005 level once this happens. 

Multiple market analysts call attention to a symmetrical triangle on the Shiba Inu daily chart, envisioning a massive run after breakout.

For context, a symmetrical triangle is a pattern formed by converging trendlines, indicating a period of consolidation where the price moves between a series of higher lows and lower highs. It typically suggests a potential breakout, either upward or downward, as the pattern nears its apex.

Shiba Inu Forms Symmetrical Triangle 

The formation of Shiba Inu’s symmetrical triangle on the daily chart began on March 5, when it clinched its yearly top of $0.00004567. This peak was the product of a nine-day extensive uptrend, which saw Shiba Inu gain by over 380%. 

However, after crossing $0.000045, SHIB witnessed a price collapse in the days that followed. Shiba Inu continued to record lower highs and higher lows, essentially forming the symmetrical triangle. Nonetheless, multiple analysts have confirmed that the upper trendline is about to be broken.

Pseudonymous Bitcoin trader and BingX Advisor Nebraskan Gooner is one such analyst. He drew the public’s attention to the triangle in a post on X yesterday, stressing that meme coin investors are currently awaiting a breakout.

$SHIB

Meme pumpers are eagerly waiting for a breakout. pic.twitter.com/3IQx4nZxHV

— Nebraskangooner (@Nebraskangooner) May 15, 2024

In addition, crypto analyst Cryptoes noted in one of his analyses that Shiba Inu has continued to trade within the symmetrical triangle. Data confirms that SHIB has now reached the peak of the triangle, with a breakout to the upside or downside now on the horizon. 

However, current market realities indicate that this breakout could actually push toward the upside. Notably, Bitcoin (BTC) recently broke above the $66,000 psychological zone for the first time in over three weeks. With BTC up 6.77% in the past 24 hours, the rest of the market is now in an uptrend, and SHIB has leveraged this price surge.

The ongoing market rally bolsters chances of a breach toward the upside. Based on this heightened probability, Cryptoes touts the Shiba Inu current daily setup as a “beauty,” calling attention to the potential substantial price spike that could envelop SHIB following the breakout.

HOLLY $SHIB WHAT A BEAUTY 😍💎 pic.twitter.com/aRGKX6Vxve

— Cryptoes (@cryptoes_ta) May 15, 2024

Bull Pennant Could Take SHIB Toward $0.00005

Moreover, NFT enthusiast and seasoned market analyst Davie also commented on the bullish setup. Nonetheless, Davis offered a fresh perspective, stressing that the prevalent symmetrical triangle further marks the formation of a bull pennant on the daily timeframe. 

This theory further confirms the high probability of a breakout to the topside. Notably, bull pennants typically occur as continuation patterns. They form when a crypto asset records a rapid upsurge and then consolidates after a slight retracement. The formation of a bull flag shows that the token would continue the uptrend after a breakout.

I decided to shift a few things around in my main account to ride the $SHIB train. I felt underexposed. The short term upside here from the pennant pattern looks pretty sweet and we just broke thru the blue resistance line.#Shibarmy Where you at? pic.twitter.com/QaMcrlk30v

— davie satoshi (@NFTdavie) May 15, 2024

Davie emphasized that the current Shiba Inu daily chart is rather attractive, and he had to sell off some assets to jump on the imminent rally. According to him, this rally would result in substantial gains in the short-term, with Shiba Inu having already broken above the upper trendline.

Meanwhile, Shiba Inu currently changes hands at $0.00002535, up 6.6% in the last 24 hours. Davie predicts that, following the breakout, SHIB could record a sharp upsurge to breach the yearly high at $0.000045. His projection envisions a push toward the $0.00005 territory, marking a 97% increase.

Shiba Inu is a sponsor of the Blockchain Futurist Conference in Canada this August, with the latest disclosure coinciding with a 9.72% rise in SHIB’s price to $0.00002545.

Shiba Inu is making headlines again with its role in the upcoming Blockchain Futurist Conference, Canada’s largest blockchain event which encompasses ETHToronto and ETHWomen, scheduled for August 13-14, 2024, in Toronto. This follows their recent participation in the TOKEN2049 conference in April.

The Shib Army and crypto enthusiasts may also hear from Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, who is expected to speak virtually at the conference.

⭐️ @Shibtoken is making the future possible again ⭐️

Shiba Inu is a Title Sponsor of @Futurist_conf – Canada’s Largest Web3 Event!

👉 Come see them at #Futurist24
🗓 August 13-14, 2024
📍 Toronto, Canada

Your future will thank you🔮 pic.twitter.com/krIQ3fbzzN

— Blockchain Futurist Conference (@Futurist_conf) May 15, 2024

Complimentary Access to the Conference

This pivotal blockchain event in Canada will feature renowned speakers, exhibitor booths, and extensive networking opportunities, providing valuable insights into the latest trends and industry connections.

Notably, ETHToronto 2024 will cater to both experienced developers and newcomers, offering workshops, mentorship sessions, and hackathon challenges. The event will have a hybrid format, with virtual participation starting on July 1, and live activities at the Rebel Entertainment Complex on August 13 to 14.

This edition also promises an immersive experience with virtual components leading up to the in-person event. Participants can engage in online workshops and network with experts from July 1. The main event on August 13 to 14 will feature workshops, mentorship sessions, networking opportunities, and the inaugural ETHWomen event, aimed at empowering women in the blockchain space.

Shiba Inu Previous Sponsorships

Earlier this year, Shiba Inu actively participated in the TOKEN2049 conference held in Dubai on April 18-19 as a gold sponsor. This involvement allowed the Shiba Inu ecosystem team to engage with other participants and showcase the potential of decentralization.

The 2023 edition of the Blockchain Futurist Conference was notable for the unveiling of the finalized Shib World paper, details about the TREAT token, and the launch of Shibarium.

It is also important to note that Toronto, often called the “Silicon Valley of the North,” holds special significance for the event. It is not only a tech hub but also closely linked to Ethereum, with Vitalik Buterin, Ethereum’s creator, hailing from the city.

Shiba Inu Spikes 9.72%

Following the announcement of the sponsorship roles, Shiba Inu has seen a surge in price. Shiba Inu currently trades for $0.00002545, reflecting a 9.72% increase in the last 24 hours and a 10.53% increase over the past week. 

The daily price action for SHIB/USD on Shibaswap shows a slight increase, with the price trading above the 9-day Exponential Moving Average (EMA). 

However, technical indicators like the Stochastic Relative Strength Index (Stoch RSI) show an overbought condition, suggesting a potential pullback or consolidation. High trading volumes during price increases point to strong buying interest, although significant sell-offs are also present.

The Shiba Inu ecosystem DEX ShibaSwap is finally live on Shibarium, bringing new features, including enhanced SHIB burns.

The Shiba Inu ecosystem team has announced the final transition of ShibaSwap to the ecosystem blockchain, Shibarium. Accordingly, ShibaSwap is now a multi-chain decentralized exchange that exists simultaneously on Shibarium and Ethereum.

ShibaSwap arrives at Shibarium just over two weeks after the SHIB team first teased the migration. According to the announcement, this development is significant for the Shiba Inu Army as it transitions ShibaSwap from a mere exchange platform to one with unparalleled capabilities.

🧵 #ShibArmy the wait is finally over — ShibaSwap is coming home to Shibarium!

ShibaSwap is more than just an exchange; it's where our community’s spirit meets innovation, where your community tokens not only exist but thrive pic.twitter.com/fVGEZjynIJ

— Shib (@Shibtoken) May 15, 2024

ShibaSwap New Capabilities

In particular, ShibaSwap has introduced the ability to establish new liquidity pools on Shibarium. This feature allows users to effortlessly exchange their preferred tokens between Ethereum and Shibarium, taking advantage of the unique benefits of both networks. 

Moreover, the platform now gives users the opportunity to integrate their chosen tokens into ShibaSwap by setting up a dedicated liquidity pool for them.

Furthermore, ShibaSwap leverages Shibarium’s scalability and cost-efficiency in tandem with Ethereum’s established security and robustness. The team highlighted that this integration would enable users to enhance their trading strategies and liquidity management in ways not previously possible by harnessing the strengths of both blockchains. 

ShibaSwap Promoting SHIB Burns

Meanwhile, the Shiba Inu team pointed out that each transaction and staking action on ShibaSwap contributes to energizing the ecosystem. They emphasize that higher trading volumes translate to greater fees for stakers and liquidity providers. 

Accordingly, as transaction activity on the Shibarium blockchain escalates, the protocol will incinerate base gas fees. In turn, this will accelerate the burn rate of the SHIB token, potentially affecting its scarcity and value.

New Interface 

The Shiba Inu team has described ShibaSwap’s move to Shibarium as more than a mere transition; it represents an evolution of the platform. 

In particular, the development team has streamlined ShibaSwap’s user interface, making it more user-friendly and ensuring a smooth experience across all DeFi activities.

Moreover, ShibaSwap now features a new dashboard highlighting trending tokens, coupled with an overhauled user interface. These updates are set to improve the trading and yield farming experience for newcomers and experienced traders.

ShibaSwap V2 and V3 Still in Pipeline

Meanwhile, the Shiba Inu team has teased in the weekly magazine that the much-awaited ShibaSwap V2 and V3 are still underway. They noted that these upcoming releases will usher in even more advancements for the SHIB Army.

The team has revealed that the updates will include expanded user interfaces, such as a personalized portfolio page, advanced liquidity management options, and adjustable price ranges. These backend upgrades are designed to fine-tune liquidity efficiency, boost rewards for liquidity providers, and streamline portfolio management for users.