Well-known meme coin Shiba Inu (SHIB) makes headlines; Mass accumulators are stepping up their efforts due to a volatile market. The latest data shows that large investor inflows have increased by 555% over the past 90 days, meaning major stakeholders are taking positions to take advantage of an expected increase in value. This is especially important because of the overall bearish sentiment many are experiencing in the crypto market.
Shiba Inu: growing market trend
Although market sentiment still seems negative, the current trend is of Shiba Inu testifies to a developing resilience. According to Santiment, while the broader crypto market has been characterized by fear and uncertainty, negative sentiment in SHIB has fallen dramatically by 718% in just one day.
This sharp decline in percentage points to growing pessimism among investors, especially considering that SHIB’s price had fallen from its weekly high at $0.00001929 to below $0.000017. But this silver lining shows that seven-day sentiment for SHIB is up more than 2,800% and could be an antidote to the asset recovery.
Crypto markets have corrected like stocks as traders increase speculation that the bull rally has ended. As the public’s optimism turns to doubt, these are the market cap projects over $500 million that show the best upside from buying into the crowd FUD:
1⃣… pic.twitter.com/OvnvlWdSus
— Santiment (@santimentfeed) October 23, 2024
What’s even more interesting is that it could be an opportunity for brilliant traders to get in on the action. When sentiment turned bearish, the price generally moved in the opposite direction. If the 30-day weighted sentiment for SHIB is positive at 339%, hope is still not completely lost and perhaps it will rise again in the coming days.
Whale activity up
The significant increase in the influx of large farmers is particularly telling. Over the past three months, these inflows have increased by 554.88%, indicating that large investors see value in accumulating SHIB at current prices. In fact, there was also a 163% increase in inflows over the past month, and even a modest increase of 1.29% over the past week.
Larger holders end August with neutral positions
Despite these positive indicators from major traders, trading volume in one day fell slightly by 5.23%. This decline indicates that many investors are still hesitant to make significant moves in this volatile environment. They may be waiting for clearer signals before making trades.
Further afield, SHIB appears to be trending upward at a much slower pace, with a 90% increase expected over the next six months, possibly due to growing interest in its long-term potential, data from CoinCheckup shows. Even more encouraging, analysts are also predicting a strong increase of 76% in the coming year, clearly outlining the positive growth expectations in line with the increasing adoption of SHIB and its use cases.
Featured image created with Dall.E, chart from TradingView
Credit : www.newsbtc.com
