- Shiba Inu has taken a hit, losing $1.3 million in market value this month, with whales leading the charge in shedding their holdings.
- Could the memecoin be on the verge of another election-like rally?
Following the recent market-wide dip, it seems that whales have stepped in to provide support. Even memecoins are not being left behind, as a single whale wallet accumulated 257.5 billion Shiba Inu [SHIB] coins.
Could this signal the start of a fresh bull rally, or is it just another act of manipulation?
Shiba Inu on whale alert
The top ten exchange addresses hold 130.47 trillion SHIB, with 3 trillion added this month.
Despite this accumulation, the memecoin was struggling. It was trading 13% below its New Year opening price and nearing its critical $0.00001500 support line, at press time.
Source: TradingView
Since the TRUMP launch, Shiba Inu has been on a steady decline, hitting daily lows while staying far from the overbought territory on the RSI. The CMF also flashed bearish signals.
Adding to the intrigue, the top ten addresses have dumped 30 trillion SHIB in the last ten days.
This sharp supply-demand imbalance has thrown SHIB into a downward spiral, erasing $1.31 million in market value throughout January.
But could things finally be turning around? At the time of writing, SHIB was up 6% in the last 24 hours, trading at a price similar to when it rebounded during the election rally, which saw a 58% surge in a week.
Now, with whales starting to re-accumulate, could this be the start of a much bigger rally?
Just another manipulative stunt?
After two months of relentless downtrend, Shiba Inu has been oversold. The big gains have been realized and locked in, and the cycle seems to have shifted.
Now, with the dust settling, there’s potential for growth ahead.
Yet, the buying volume has remained flat at just $600 million, far from the explosive $7.6 billion seen in December. Retail investors haven’t returned, meaning this recent pump is largely driven by whales.
Source: Santiment
In January alone, whale wallets have gobbled up an astounding 40 trillion Shiba Inu coins. As the new month begins, these whales are poised to re-accumulate, with the 256 million currently held possibly just the beginning.
Realistic or not, here’s SHIB market cap in BTC’s terms
But don’t be fooled—a lasting rally is far from guaranteed. With volume still low and volatility rising before the FOMC meeting, that 6% gain could be a manipulation tactic.
However, if the market turns bullish, a 58% rally could materialize.
