Having cemented its status as the second-largest meme coin based on market value, Shiba Inu (SHIB) has enjoyed a significant holding trend ignited by whales.
Leading crypto analytic firm Santiment disclosed this trend by revealing that whales were offloading their SHIB investments from crypto exchanges, illustrating a growing hodl culture.
Source: Santiment
Holding is bullish since it reduces selling pressure, given that coins are held for future purposes other than speculation.
Therefore, this is a welcome move in the Shiba Inu ecosystem because an accumulation spree is taking center stage among non-exchange whales.
Will Intensified Holding Trigger a Shiba Inu Breakout?
As whales continue igniting a holding fire, questions about whether SHIB is gearing up for a breakout are being raised.
This is because, according to CoinGecko data, Shiba Inu is showing its intention to breach a lower high, having already gained 23.5% in the past week.
If this materializes, SHIB can potentially erase one zero, reaching the $0.0001 zone.
Meanwhile, crypto expert Luis Delgado recently took to X, formerly Twitter, and stipulated that, based on macro factors, Shiba Inu’s journey to $0.01 was certain.
The analyst acknowledged that if this price level is attained, the narrative for SHIB would change to the possibility of a $1 price level.
Wizard Crypto also recently painted a bullish Shiba Inu picture based on the speculation that SHIB would experience a 1,600% price increase if Bitcoin hit $150,000, as previously reported by ZyCrypto.
SHIB was hovering around the $0.00001933 level at the time of writing.
