- Shiba Inu (SHIB) price has consolidated around the same level in the past weeks, which has allowed traders in discounted values amid anticipated crypto bullish breakout during the fourth quarter.
- The high accumulation rate for the second largest meme coin follows a notable FOMO increase with anticipation of crypto price recovery in the next few weeks.
The Shiba Inu (SHIB) developments in the past year have significantly yielded positive results in the past few weeks despite the underlying value struggling to obtain bullish momentum. According to the latest on-chain data, Shiba Inu has more than 1.3 million holders, with the network having facilitated approximately 11.1 million transactions since its inception.
The Shiba Inu ecosystem was valued at about $7.29 billion with the liquidity on Uniswap V3 WETH pool at about $1.2 million and approximately $4.8 million via the ShibaSwap ecosystem.
Fresh Investors FOMO into the Shiba Inu Ecosystem
The Shiba Inu ecosystem has recorded a notable spike in fresh wallets that have been accumulating the meme coin in preparation for an anticipated bullish breakout. According to an on-chain analysis conducted by NerdBot, fresh Shiba Inu wallets have accumulated over 18 billion tokens in the past two weeks. Interestingly, Shiba Inu’s crypto exchange outflows amounted to more than 120 billion on Thursday. The notable demand for Shiba Inu among fresh crypto wallets has been consistent with the exchange outflows during the past two weeks.
Deep-dive into $SHIB with NerdBot at: https://t.co/4PVGtx3CF7
NerdBot noticed that Fresh Wallets have been accumulating $SHIB in the past few days.
We also noticed Fresh Whale 0xb75 withdrew a total of 292.53B $SHIB ($2.13M) from #coinbase in the last 3 weeks. pic.twitter.com/eRFFcMGavZ
— NerdBot (@0xNerdBot) October 4, 2023
The Shiba Inu ecosystem has remained popular among most investors seeking higher returns with a minimal risk ratio. Moreover, the Shiba Inu core developers have remained consistent with delivering quality products to the Shibarmy to enhance utility and liquidity. According to the latest report by Arkham, Robinhood Exchange added more than 800 billion Shiba Inu to its portfolio, hence holding over 34 trillion SHIB worth approximately $279 million.
— techcentrik™ (@nicaIBTimes) October 5, 2023
According to an on-chain analysis provided by Whale Alert, Shiba Inu worth more than $33.37 million was transferred from Bitvavo crypto exchange to an unknown wallet. The high Shiba Inu accumulation rate has triggered FOMO traders, despite the price still struggling to rebound from the bear market lows.
SHIB Price Action and Market Outlook
Having established a strong support level around $0.00000723, Shiba Inu’s price is expected to rebound in the coming weeks and trigger the macro bull run. Moreover, the second largest meme coin is well bolstered by the Shibarium layer two scaling solution that is built on the Ethereum and Polygon networks.
With the Shibarium mainnet network live for DeFi developers, the Shiba Inu burn rate is expected to accelerate in the coming months. As a result, Shiba Inu is expected to gain in value over time.
From a technical standpoint, Shiba Inu price action is awaiting Bitcoin’s breakout towards $30k to rejuvenate the bullish outlook. Meanwhile, Shiba Inu price consolidation is expected to take place despite some crypto analysts warning of an incoming 40 percent crash in the market.
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