Shiba Inu Eyes 70% Rally as Crypto Whales Go on a Buying Frenzy

Crypto's favorite meme coin is back in the spotlight—and this time, the big players are diving in headfirst.

Shiba Inu isn't just barking up the tree anymore; it's climbing it. With whales accumulating at a pace that'd make Moby Dick blink, the stage is set for a potential 70% surge. Because nothing says 'sound investment strategy' like following the herd of speculative capital.

Will SHIB defy gravity or crash back to earth? Either way, the casino—sorry, crypto market—remains open for business.

Shiba Inu whales are accumulating

Nansen data shows that whales have continued to accumulate the SHIB token in recent months, a sign they expect it to keep rising. These whales hold over 109.69 billion tokens, up sharply from this month’s low of 105 billion. Whale accumulation is usually a signal that investors anticipate a price rebound.

Most importantly, the ongoing whale buying has come at a time when the supply of SHIB coins on exchanges has been in freefall. There are now 277.37 trillion tokens on centralized and decentralized exchanges, down from 283 trillion earlier this month.

Exchange balances fall when investors MOVE their tokens to self-custody, typically expecting a price recovery. Historically, most tokens surge when exchange outflows are in an upward trajectory.

The other catalyst for SHIB price is that Ethereum is on the cusp of jumping to $4,000. It has jumped by 175% from its lowest level this year, and its technicals and ETF inflows point to more gains. SHIB price does well when Ethereum is rising.

Still, SHIB price faces potential risks. For example, Shibarium, its layer-2 network, is no longer growing. It holds just $2.47 million in total assets, down 1% in the last 30 days. This is notable since most chains added assets in July, with combined TVL rising to $282 billion.

Another potential risk for shiba inu price is that futures open interest has dropped in recent weeks.

Shiba Inu price technical analysis

Technicals suggest that SHIB price is on the cusp of a strong rebound amid whale accumulation. It has formed a cup-and-handle pattern, whose upper side is at $0.00001600 and the lower side is at $0.000010. This lower side also coincides with the double bottom, whose neckline is at $0.00001760.

The ongoing pullback is part of the handle section of the cup-and-handle pattern. Measuring the cup’s depth of 36% from its upper side gives a target price of $0.00002185, up over 70% from the current level.