Originally published on: November 20, 2024
A recent revelation in onchain data has sparked interest in the Shiba Inu token community as an unidentified whale has emerged holding over 10% of the total SHIB token supply. With holdings valued at $2.5 billion, this mysterious investor has seen a staggering 250,000-fold return on their initial investment of $10,000 made back in 2020.
Despite the significant value of their holdings, the whale has chosen to hold onto their SHIB coins, raising questions about the future impact on the memecoin’s price dynamics. While such large holders can influence the market, the decision not to sell may indicate confidence in SHIB’s future potential.
Currently, Shiba Inu is showing promising growth with a 134% increase year-to-date and a 27% rise in the past month. Market analysts believe that SHIB may be the sleeping giant of this bull cycle, with the formation of a bullish cup-and-handle pattern suggesting a breakout on the horizon.
Additionally, a potential capital rotation from Dogecoin to Shiba Inu could further boost its price, with indicators showing SHIB being oversold compared to DOGE. The relative strength index (RSI) highlights this imbalance, with SHIB showing signs of being oversold and under significant selling pressure when compared to Dogecoin.
As the market continues to evolve, keeping an eye on the movements of large holders like the Shiba Inu whale can provide valuable insights into the future potential of this memecoin. Subscribe to our newsletter for more updates on the latest developments in the world of cryptocurrencies.
