While the cryptocurrency market is taking a pause after last quarter's impressive rise, investor interest seems to be shifting to meme coins.
Dog-themed #cryptocurrency Shiba Inu (SHIB) is just one of those. In the middle of the week, three new wallets raised a staggering 184 billion #SHIB (equivalent to about $4.9 million USD).
According to a tweet posted by internet celebrity "The Data Nerd" on Wednesday, these new wallets pulled SHIBs from major exchanges like Binance and Coinbase within 24 hours.
What's more, this surge in the number of SHIB whales was complemented by a significant increase in net flows from large holders. According to analyst firm IntoTheBlock, net flows from large holders in SHIB Inu have increased by 1,058% over the past 30 days, indicating a broader trend of whale containment as bulls begin to keep a close eye on the $0.001 price level. This trend indicates that whales are becoming increasingly confident in SHIB's long-term prospects despite short-term price volatility.
Notably, as SHIB's popularity grows, the coin #meme trade is also growing in parallel, as evidenced by a Coingecko report released earlier this week. According to the report, in the first quarter of 2024, the average return on meme coins was a staggering 1,312%, while the return on Tier 1 coins such as #bitcoin , #BNB and Solana was only 70.0%.
Despite the positive performance and bullish momentum predicted by various experts, SHIB prices are still volatile: after an impressive rise in early March, when the cryptocurrency hit a multi-month high of USD 00,00045, it has retreated by around 33%.
According to crypto analyst SHIB KNIGHT, SHIB's current movement between $000002392 and $000003308 represents a potential consolidation phase. In a tweet to his 427,000 followers, the analyst identified a potential buy zone in the event of a further decline to 0 They highlighted the $ 0.00002392 and $ 0.
Read us at: Compass Investments
