- 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.
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
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Author: Ripley G
