Shiba Inu Whales Accumulate 10 Trillion SHIB Tokens Amid Price Dip

Shiba Inu Whales Accumulate 10 Trillion SHIB Tokens Amid Price Dip

Shiba Inu (SHIB) whales seized an opportunity earlier this week, scooping up 10.4 trillion SHIB tokens valued at over $110 million after prices touched a 16-month low of $0.00001005. This significant accumulation, the largest daily intake in five months, fueled a 17% price rebound from Sunday's lows. The broader crypto market has shown signs of stabilization, with Bitcoin recovering to around $106,000 after briefly dipping below $100,000.

Market Analysis and Trends

Market analysis reveals SHIB's resilient stance, forming an uptrend channel with higher lows. Substantial volume support was observed at the $0.00001158 level, with trading volume surging to 439 billion SHIB. This suggests potential for further gains if the $0.00001175 resistance is successfully breached. Currently, SHIB is trading around $0.00001162 on major exchanges.

Price Consolidation and Potential Breakout

Despite an initial rally, SHIB's recovery has since paused, with prices consolidating within a descending triangle pattern. A breakout above the descending trendline could pave the way for a continued rally towards the $0.00001230 resistance level. Conversely, a breakdown of the triangle could indicate a bearish reversal.