Key Takeaways:
- Shiba Inu whales accumulated over 10.4 trillion tokens in one day, marking the second-largest daily purchase this year.
- Despite recent volatility, large holders increased their total SHIB by 27.81 trillion since May 24.
- Exchange reserves and funding rates suggest a strong base for a potential move toward $0.00001730.
Following a weekend of intense volatility sparked by geopolitical concerns involving the United States and the Middle East, the crypto market took a sharp hit, losing around $250 billion in total value.
Shiba Inu was among the affected, declining close to 9% during the weekend from Friday to Sunday. But things started afresh on a full-market recovery on Monday, June 23, and SHIB countered with an intraday gain of 9.18%.
The buying uptick saw Shiba Inu whales, who on average possessed between 10 trillion and 100 trillion SHIB, enter. From IntoTheBlock, we have records indicating they bought 10.4 trillion SHIB valued about $114 million within a span of 24 hours. Their combined total increased from 182.47 trillion to 192.87 trillion, their largest one-day gain seen since January.
The current price of SHIB is $0.00001168, up by 8% over the last 24 hours. Jonathan Carter, a leading crypto chartist, pointed to a descending channel formation building on the daily chart of SHIB.
Such patterns are prone to create reversals, especially when prices are close to lower support areas. Carter pointed to potential upside targets of $0.00001250, $0.00001500, and as high as $0.00002420 should the rally continue.
Also Read : Shiba Inu (SHIB) Explodes 8%: Bullish Pattern Targets $0.00001250 Next
Mixed Whale Behavior, But Growing Long Positions
Though the 10–100 trillion SHIB category had built up heavily on their account, other whale categories exhibited opposing moves. 1–10 trillion SHIB accounts sold off 26.54 trillion tokens within this month, while much smaller investors with 100 billion to 1 trillion SHIB bought 9.04 trillion tokens.
This divergence therefore suggests there are investors who are locking in their profits while there are others speculating on a future comeback. The rising accumulation among the high-level whales, rising by as much as 27.81 trillion SHIB on May 24, indicates a shift towards long-term belief as opposed to short-term speculation.
Shiba Inu Exchange Reserves Hit $929M Amid Whale Activity
Shiba Inu’s exchange reserves surged to $929 million on June 22-23, according to CryptoQuant. This could be construed as an increase in available supplies and might mean whales are stocking up supplies for bulk trade or adjusting their positions. This also shows added liquidity and confidence among the holders.
Coinglass saw SHIB’s trade volume fall to $193.03 million, a drop of 10.38%, but open interest rose 5.59% to $130.01 million, signaling rising market participation as trades slowed. Binance and OKX traders signaled rising long ratios of 1.05 and 2.28, correspondingly.
The biggest inflow was contributed by Binance with $1.02 million SHIB during a period of 12 hours, followed by Coinbase and Bybit. OKX gained significance with the net green inflow of $262.87K, signaling renewed investor interest.
Related Reading | Shiba Inu Holds $0.00001000 Support, Signals Early Bullish Reversal
