Shiba Inu (SHIB) Analysis: Whales Accumulate as Bullish Signals Point to +585% Gains

Shiba Inu’s (SHIB) 30-day Market Value to Realized Value (MVRV) ratio has dropped to -19.43%, according to Santiment data. 

This level reflects that most recent holders are operating at a loss, historically a condition that reduces selling activity. During similar periods in the past, deeply negative MVRV ratios have often marked accumulation phases, as holders are less likely to sell at a loss.

The current trend suggests that SHIB may be nearing a local bottom. A recovery in the MVRV ratio could signal the beginning of an accumulation phase, potentially laying the foundation for a price rebound. Traders are closely monitoring this metric for signs of a shift in sentiment.

Whale Accumulation Signals Long-Term Confidence

Analysis of Shiba Inu’s supply distribution shows a steady increase in holdings by large wallets containing 10 billion to 100 billion SHIB. These large investors, often referred to as whales, have been actively accumulating during the token’s price pullback. 

This activity reflects a strategic positioning for long-term gains, even as retail investor activity remains stable.

In contrast, wallets holding 100 million to 1 billion SHIB have shown minimal movement, indicating caution among smaller holders. The divergence between whale and retail behavior suggests confidence among larger investors, potentially supporting future price stability and growth.

Key Price Levels and Technical Signals

SHIB was trading at $0.00002184 at the time of writing, with a 24-hour volume of $669 million. The token has experienced a -18.03% decline in the past 7 days, with a weekly range between $0.00001876 and $0.00002775. 

Technical indicators suggest a mixed outlook, with the Relative Strength Index (RSI) at 37 indicating oversold conditions, potentially attracting buyers.

Support is positioned near $0.00002000, a level where buyers have previously stepped in. Resistance is seen around $0.00002476, aligned with the moving averages. A strong recovery above this level could reignite bullish momentum. 

However, if support fails to hold, the next potential target could be the $0.00001500 zone.

Bullish Outlook for 2024 and Beyond

According to crypto analyst Javon Marks, SHIB remains well-positioned for a bullish continuation. Marks stated, 

“$SHIB (Shiba Inu) is still holding in great positioning… confirming yet another bullish signal that can point to a continuation towards the $0.000081 target.”

Marks further indicated that reaching $0.000081 could result in a +261% gain, with the potential to extend to $0.0001553, a 585% increase from the current price. 

This projection aligns with a breakout scenario, suggesting that SHIB could recover strongly if it sustains current support levels and sees increased accumulation.

Shiba Inu’s recent price action, combined with whale activity and technical signals, is drawing attention from traders as they assess its potential for future gains.

FAQs:

What is Shiba Inu’s current MVRV ratio?

The 30-day MVRV ratio is -19.43%, indicating most recent holders are operating at a loss.

What price range is Shiba Inu trading in?

SHIB’s weekly range is between $0.00001876 and $0.00002775, with support at $0.00002000.

What are analysts’ targets for SHIB?

Analysts project $0.000081 (+261%) and a potential rally to $0.0001553 (+585%) from current levels.