Shiba Inu (SHIB) has captured the spotlight as it enters the list of top gainers among the 100 most considerable crypto assets over the past 24 hours. Since June, this bullish surge has come amidst a significant accumulation trend observed among shark and dolphin addresses in the SHIB ecosystem.
Leading crypto behavior analytics platform, Santiment, revealed shark and dolphin wallet addresses, holding 10 million to 1 billion SHIB, have accumulated a 1.11 trillion SHIB, currently valued at $9 million. The tweet contained an erroneous statement, suggesting these addresses held up to 100 billion SHIB.
The Journey Of Shiba Inu’s Accumulation Trend
The accumulation phenomenon began after a period of distribution when the price of Shiba Inu experienced fluctuations, dropping from the $0.00001 territory in mid-May. The decline led to a price range between $0.000008628 and $0.000009, sparking selloffs throughout the rest of May.
However, as the price of SHIB dipped below the $0.000008 threshold, it presented an opportunity for investors to accumulate the asset at discounted prices. This enticing prospect resulted in investors building up their holdings, marking the commencement of the accumulation spree in early June.
Despite further price drops, the buy-the-dip pattern persisted, with addresses amassing more SHIB tokens. Notably, the accumulation trend endured even as Shiba Inu’s price reached a record low of $0.00000543 on June 10, followed by a moderate recovery.
As a result of the sustained buying spree, addresses holding between 10 million and 1 billion Shiba Inu tokens now cumulatively possess a balance of 32.49 trillion SHIB, currently valued at a substantial $267 million.
Amid the ongoing accumulation, the market witnessed notable surges in large transactions on July 6 and mid-July, coinciding with price lows. Surprisingly, these whale transactions triggered remarkable comebacks, propelling SHIB to reach a high of $0.00000853 on July 15.
Shiba Inu’s Recent Performance
Subsequently, Shiba Inu experienced fluctuations below the July 15 high and remained consolidated below the $0.000008 price threshold until recently. Nevertheless, SHIB has demonstrated resilience against market bearishness, achieving significant gains while other assets trade flat.
SHIB exhibited a remarkable intraday gain of 4.73% yesterday, closing the day at $0.00000816. This marked the first time in nearly two weeks that the asset concluded above $0.000008 on the daily timeframe.
Shiba Inu is trading at $0.00000823, displaying a remarkable 5.52% surge over the past 24 hours and an impressive 4.97% gain over the last week. Consequently, SHIB is the fourth biggest gainer among the top 100 assets in the last 24 hours.
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