In the crypto seas, a new tale unfolds. Shiba Inu (SHIB), the meme coin turned serious contender, has decoupled from the altcoin market. In the past 48 hours, it rose by a modest 5%. Santiment, a crypto behavior analytics platform, revealed this. Whales have been busy, accumulating 6.57 trillion SHIB in one month.
The broader crypto market has struggled since June. Prices hit multi-month lows. Shiba Inu felt the pain, down 43% from its May high of $0.00002945. But now, there’s a change. The selling pressure eased. Prices started to stabilize. Shiba Inu began its mild recovery. From its floor of $0.00001266 on July 5, it has recovered 33%.
Shiba Inu Tries Rejuvination
Santiment noted this decoupling over the weekend. Last Saturday, Shiba Inu posted a 16.15% intraday increase, its largest daily gain in four months. The last time it saw such a rise was March 4, with a spike of 59.46%. After the 16.15% rise, SHIB dropped 10% on Sunday but held its ground. It began the new week with two consecutive intraday gains. Santiment highlighted a 5% gain over 48 hours.
Whales have been active. Over the past month, the 150 largest non-exchange addresses acquired 6.57 trillion SHIB. Their total now stands at 562.84 trillion. Exchanges, however, saw a drop. The 150 largest exchange addresses lost 5.53 trillion SHIB since June, reducing their balance to 187.1 trillion.
CryptoQuant data supports this trend. The Exchange Netflow metric shows 24 days of net outflows in the past 31 days, totaling 8.779 trillion SHIB. This has pushed SHIB exchange reserves to 143.948 trillion, the lowest ever. History shows that when SHIB reserves drop drastically, a price surge often follows. The last such drop was in February, preceding a 370% rally.
Shiba Inu now trades at $0.00001681, up 2.3% this morning. Market analyst Javon Marks sees potential. He sets a target of $0.000081 to $0.