Shiba Inu Nears Critical Support as Whales Continue to Accumulate

• Shiba Inu sees a 2.4% drop in centralized exchange holdings, signaling potential bullish sentiment despite a 15% weekly loss.
• Increased SHIB accumulation by wallets holding 10K-10M tokens points to growing investor confidence amid market volatility.
• Analysts predict up to a 501% rally for SHIB, highlighting significant profit potential for buyers within the $0.00001859-$0.00002322 range.

Shiba Inu (SHIB) continues to face a persistent Bitcoin-led market pullback that has stretched over the last week.  The cryptocurrency is riskly close to losing the $0.00002 price level to bearish trends, having hit a low of $0.00002101, a further decline from the previous day’s low.

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Decline in Centralized Exchange Holdings

At press time, Shiba Inu was trading at $0.00002047 which means Shiba Inu has shed over 15% of its value in the past week. Despite this downturn, market analysis platform Santiment has hinted at potential relief for SHIB. A report released on Thursday by Santiment highlighted a significant reduction in the amount of Shiba Inu held on centralized exchanges. The top ten exchanges’ whale wallets have seen a 2.4% decrease in SHIB tokens since May 27.

Whale Activity and Accumulation Trends

According to Santiment, the supply of Shiba Inu on exchanges increased from mid-May, reaching a new monthly high before beginning to decline in late May. This trend has accelerated since early June, with exchanges holding 164.63 trillion SHIB tokens as of June 12. Historically, reduced crypto holdings on exchanges have been a bullish signal, suggesting that investors are accumulating SHIB and moving their assets to self-custodial wallets.

Moreover, the accumulation trend is supported by the increasing number of wallets holding between 10,000 and 10 million SHIB tokens. Since March, there has been an addition of 36,281 new wallets, bringing the total to 831,548 addresses.

Market Projections and Potential Rallies

While Santiment has not provided specific price targets for SHIB amid these accumulation trends, other market analysts have made optimistic predictions based on technical analysis. Earlier this month, a Bitcoin analyst predicted a potential 501% rally for Shiba Inu, suggesting the asset could reach $0.00014. Similarly, Shiba Inu community analyst SHIB Knight said that purchasing SHIB within the $0.00001859 to $0.00002322 range could yield substantial profits, forecasting a possible 300% increase to $0.0001 this month.

Shiba Inu’s recent struggles in the market have highlighted both challenges and potential opportunities for investors. The declining exchange holdings and increasing accumulation by whales suggest a potential bullish outlook, though market conditions remain volatile. Investors and market watchers will be closely monitoring these trends in the coming days.

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