Shiba Inu has surged into the ranks of top gainers within the cryptocurrency market, fueled by a remarkable accumulation campaign orchestrated by “shark” and “dolphin” addresses. Over the course of nearly eight weeks since June, these specific wallet addresses, holding between 10 million to 1 billion SHIB tokens, have accumulated a staggering 1.11 trillion SHIB, valued at approximately $9 million.
This bullish momentum has propelled Shiba Inu to join the list of the 100 largest cryptocurrencies, showcasing its strong performance in the past 24 hours. Santiment, a leading crypto behavior analytics platform, shared this insightful information in a recent tweet. It’s important to note that an earlier tweet from Santiment had mistakenly suggested these addresses held up to 100 billion SHIB, but the corrected figure stands at 1.11 trillion SHIB.
According to Santiment’s chart, after a phase of distribution, Shiba Inu’s price experienced a decline from its mid-May level of around $0.00001. The price settled between $0.000008628 to $0.000009, leading to sell-offs throughout May.
As the price of SHIB dropped below $0.000008, it presented an attractive opportunity for investors to acquire the cryptocurrency at a discounted rate. This decline acted as a catalyst, prompting investors to increase their SHIB holdings, initiating the accumulation trend in early June.
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Interestingly, despite the continuous price drops, these wallet addresses persisted in accumulating more SHIB tokens, indicating a consistent “buy-the-dip” pattern. This accumulation trend remained resilient even as Shiba Inu’s price hit an all-time low of $0.00000543 on June 10, followed by a modest recovery.
Due to the significant surge in buying activity, wallet addresses holding between 10 million and 1 billion Shiba Inu tokens now collectively possess a total balance of 32.49 trillion SHIB. These accumulated tokens currently hold an impressive value of $267 million.
Shiba Inu Among Top Gainers
During the period of continuous accumulation, the crypto market experienced significant surges in large transactions on two occasions, first on July 6 and then again in mid-July, which coincided with price lows. Interestingly, these substantial transactions by whales played a vital role in driving SHIB’s price to a peak of $0.00000853 on July 15.
After reaching the high on July 15, Shiba Inu experienced a subsequent drop below that level, leading to a consolidation phase below the $0.000008 mark, which continued until recently. Despite the challenges, SHIB managed to stage a noteworthy comeback against the bearish market conditions, displaying remarkable gains even when other assets traded flat.
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In a recent positive development, SHIB recorded a significant intraday gain of 4.74% yesterday, closing at $0.00000817. This marked a crucial milestone as it was the first time that the cryptocurrency concluded the day above the $0.000008 price threshold on the daily timeframe in nearly two weeks.
At the time of writing, Shiba Inu is currently being traded at $0.000008175, showcasing an impressive surge of 4.55% within the last 24 hours. Additionally, over the course of the past week, SHIB has experienced a remarkable gain of 4.96%. This performance has earned SHIB the position of the fourth-highest gainer among the top 100 assets in the cryptocurrency market over the past 24 hours.
