The Shiba Inu price continued to consolidate in the range between $0.0001047 and $0.000001437, suggesting accumulation among the holders.
The 30-day market price (MVRV) for real price suggests that the Shiba Inu may be nearing the “opportunity” zone amid current accumulation.
This on-chain metric is used to calculate the average profit/loss of investors who have purchased assets over a given period. A rating of -10% to -15% according to sentiment means short-term holders are losing money and the chances of selling are low. This is often where long-term investors congregate. As a result, any change below -10% is referred to as being in the “opportunity zone”.
The 30-day MVRV for SHIB fell below the previous two local bottoms at -34% and -44%. Holders, on the other hand, appear to be accumulating, as evidenced by the recent value of -13%.
The Shiba Inu touched a low of $0.0000105 on June 1 amid the previous market decline. At the time of publication, the Shiba Inu was attempting to make up for losses, although it was still down 4.22% in the past 24 hours according to CoinMarketCap. SHIB is currently trading at $0.0000011.
In case of further downside, a break below the lower end of the $0.000001047 range could risk a retest of the $0.0000856 level. If history repeats, SHIB may consolidate for some time before the next move. In an alternate scenario, the current triangle pattern could result in up to $0.00001742 before meeting a key hurdle.
Shib whale “accumulating”
The Shiba Inu is currently facing the accumulation of whales or large holders, as it ranks among the top 10 most bought tokens among the 500 largest ETH whales in the past 48 hours, whalestats Shows data.
Furthermore, according to WhaleStats, the top 1,000 ETH whales are “holding” $621,650,232 worth of SHIB.
According to IntoTheBlock data, Shiba Inu whales have been more active over the past 24 hours, with a 52% increase in large transactions. The increase in large transactions is usually associated with increased activity by whales that are either buying or selling, and these total exceed $100,000.