The popular meme coin Shiba Inu (SHIB) is grabbing the headlines; large accumulators increase efforts due to a volatile market. Recent data shows inflows from large holders have increased by 555% over the past 90 days, meaning that large participants are taking positions to profit from the expected increase in value. This is very important because of the overall bearish mentality that many are experiencing in the entire crypto market.
Shiba Inu: A Growing Market Trend
Although the market situation looks negative, the current trend of the Shiba Inu shows a steady improvement. According to Santiment, while the broader crypto market was marked by fear and uncertainty, negative sentiment on SHIB dropped a whopping 718% in just one day.
This sharp decrease in percentage shows the growing distrust of investors, especially considering the fact that the price of SHIB has dropped from its weekly high of $0.00001929 to less than $0.000017. But this silver lining, as it is, shows that SHIB’s 7-day sentiment is up more than 2,800% and could be the asset’s remedy for a comeback.
Crypto markets have corrected sideways as traders raise speculation that the bull rally is over. As crowd optimism turns to skepticism, these are the $500M+ market projects that best illustrate crowdsourcing-based FUD:
1⃣… pic.twitter.com/OvnvlWdSus
– Santiment (@santimentfeed) October 23, 2024
What’s even more interesting is that it could be an opportunity for smart marketers to play with. If the sentiment is positive, then, usually, the price moves in the opposite direction. In the case of the weighted feeling of being positive at 339% for 30 days with SHIB, hope is not completely lost and maybe, it will converge during the coming days.
Whale Jobs Up
The significant increase in the entry of large owners is particularly telling. In the last three months, this income has increased by 554.88%, indicating that large investors see value in accumulating SHIB at current prices. In fact, there was a 163% increase in revenue last month, even a small increase of 1.29% last week.
Larger Managers End August With Neutral Positions
Despite these positive indications from the major holders, the trading volume saw a slight decrease of 5.23% in one day. This decline shows that many investors are still reluctant to make significant moves in this volatile environment. They may wait for clear signals before committing to a trade.
Besides, SHIB seems to be rising at a very slow pace, with a projected increase of 90% in the next six months, possibly due to the growing interest in long-term energy, data from CoinCheckup shows. Even more encouraging, analysts also predict a strong increase of 76% next year, which clearly shows the expectation of positive growth associated with the growing acceptance of SHIB and its use cases.
The featured image was created with Dall.E, a chart from TradingView