Shiba Inus the price continues to consolidate in a range between $0.00001047 and $0.00001437, suggesting accumulation by holders.
The 30-day market value to realized value (MVRV) reveals that Shiba Inu may be approaching the “opportunity” zone amid the current accumulation.
This on-chain metric is used to calculate the average profit/loss of investors who bought an asset over a certain period. A rating of -10% to -15%, according to Santiment, implies that short-term holders lose money and are less likely to sell. This is often where long-term investors congregate. Therefore, any change less than -10% is considered to be in the “opportunity zone”.
The 30-day MVRV for SHIB fell below the previous two local lows at -34% and -44%. Holders, on the other hand, seem to be accumulating, as evidenced by the recent value of -13%.
Shiba Inu touched lows of $0.0000105 on June 1 amid the latest market declines. At press time, Shiba Inu was trying to recoup its losses, although it was still down 4.22% in the past 24 hours by CoinMarketCap. SHIB is currently trading at $0.000011.
In the event of a further downturn, a break below the lower end of the range at $0.00001047 could result in a retest of the $0.0000856 level. If history repeats itself, SHIB might consolidate for a while before the next move. In an alternative scenario, a breakout of the current triangle pattern could result in a move higher to $0.00001742 before a significant hurdle is hit.
SHIB whales ‘hoard’
Shiba Inu is currently facing an accumulation of whales, or large holders, as it ranks among the top 10 most bought tokens among the top 500 ETH whales in the last 48 hours, WhalesStats the data shows.
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) June 2, 2022
Apart from that, the top 1,000 ETH whales, according to Whalestats, “accumulate” $621,650,232 in SHIB.
Shiba Inu whales have been more active in the past 24 hours, according to InTheBlock data, with a peak of 52% of large transactions. Large increases in transactions are usually linked to increased activity from whales buying or selling, and these total over $100,000.