Shiba Inu (SHIB) emerges as the top gainer with a remarkable accumulation trend, as Santiment analysis confirms amidst market fluctuations.
In a dazzling display of strength, Shiba Inu (SHIB) has emerged as the top gainer among the 100 most considerable crypto assets in the past 24 hours. The recent bullish surge is underpinned by a remarkable accumulation trend observed within the SHIB ecosystem, as revealed by the leading crypto behavior analytics platform, Santiment.
The accumulation phenomenon commenced after a period of price fluctuations for Shiba Inu, with values dropping from the $0.00001 territory in mid-May. This led to a price range between $0.000008628 and $0.000009, triggering selloffs throughout the rest of May.
However, this downward trend presented an enticing opportunity for investors to accumulate SHIB at discounted prices. Responding to this prospect, investors quickly began building up their holdings, marking the start of the accumulation spree in early June.
Remarkably, the “buy-the-dip” pattern endured even during further price drops, with addresses amassing more SHIB tokens. This accumulation trend persevered even as Shiba Inu’s price reached a record low of $0.00000543 on June 10, followed by a moderate recovery.
Due to the ongoing purchasing binge, addresses owning between 10 million and 1 billion Shiba Inu tokens together hold a mind-boggling balance of 32.49 trillion SHIB, which is presently worth a hefty $267 million.
Shiba Inu’s Resilient Performance And Surges
On July 6 and in the middle of July, when prices were at their lowest, the market saw notable increases in major transactions among the continuous accumulation. These whale purchases unexpectedly led to amazing recoveries, which helped SHIB hit a peak of $0.00000853 on July 15.
Subsequently, Shiba Inu experienced fluctuations below the July 15 high and remained consolidated below the $0.000008 price threshold until recently. Nevertheless, SHIB has demonstrated unwavering resilience against market bearishness, achieving significant gains while other assets traded flat.
SHIB saw an impressive intraday rise of 4.74% yesterday, ending the day at $0.00000817. The asset closed over $0.000008 on the daily period for the first time in nearly two weeks.
Currently trading at $0.000008225, Shiba Inu continues to display an impressive 5.51% surge over the past 24 hours and an astonishing 4.96% gain over the last week. As a result, SHIB now ranks as the fourth biggest gainer among the top 100 assets in the last 24 hours.
With the relentless accumulation trend driving SHIB’s soaring success, market watchers eagerly anticipate the cryptocurrency’s future trajectory, captivated by its remarkable ascent amidst the crypto landscape.