As the crypto market takes a brief pause after impressive growth last quarter, large investors’ attention seems to be shifting towards meme coins, presenting a notable trend amidst the dynamic landscape of cryptocurrencies.

This is exactly what happened with the dog-themed cryptocurrency Shiba Inu (SHIB), as three new wallets accumulated a staggering 184 billion SHIB, worth approximately $4.9 million, mid-this week.

According to a Wednesday tweet by the renowned on-chain “The Data Nerd,” these fresh wallets withdrew the SHIB from major exchanges like Binance and Coinbase within 24 hours.

Furthermore, this surge in SHIB whale activity is complemented by a significant increase in large holder netflow. According to data from onchain analytics firm IntoTheBlock, Shiba Inu has experienced a positive 1,058% uptick in large holder netflow over the past 30 days, signifying a broader trend of accumulation by whales as bulls launch full gaze on the $0.001 price level. This trend also suggests a growing confidence among whales in the long-term prospects of SHIB despite short-term price volatility.

Notably, amidst SHIB’s growing traction, there has also been a parallel surge in meme coin trading, as highlighted by a report from Coingecko earlier this week. As per the report, meme coins experienced an impressive 1,312% average returns in the first quarter of 2024, with coins in the layer 1 category like Bitcoin, Ethereum and Solana posting just 70.0% returns.

Despite the positive indicators and bullish momentum projected by various pundits, SHIB’s price remains susceptible to volatility. After surging impressively in early March and tapping a multi-month high of $0.000045, the cryptocurrency has recoiled by around 33%.

According to crypto analyst “SHIB KNIGHT,” the current movement of SHIB within the range of $0.00002392 to $0.00003308 suggests a potential consolidation phase. In a tweet to his 427,000 followers, the analyst highlighted support levels at $0.00002392 and $0.00002125 as potential buy zones in the event of further downward movements.

That said,