Whale Accumulation of SHIB Tokens
A mysterious whale has made waves in the cryptocurrency market by accumulating a massive amount of Shiba Inu (SHIB) tokens from Coinbase. Over the course of 24 hours, the whale executed six transactions, withdrawing a total of 169.13 billion SHIB tokens, worth approximately $1.49 million at current prices. This intentional accumulation has sparked speculation about a potential bull market for SHIB.
State of the Memecoin Market
The memecoin market has been struggling in recent months, with trading volumes down by more than 54 % and prices trending lower. However, there are signs of recovery as the sector has seen a slight increase in market cap over the last three days of December. Despite this bounce, the total market cap is still about 10 % lower than last month, indicating a significant loss of interest.
SHIB Price Analysis
Shiba Inu, one of the leaders in the memecoin market, is currently at a critical support level. If the price holds at this level, we could see a retest of the first resistance level at $0.000009. However, if this level fails, the price could drop toward a key support zone, potentially leading to new lows before 2026. The Relative Strength Index (RSI) is currently around 43 and trending toward oversold territory, which could support a short‑term bearish move if momentum continues to weaken.
Technical Indicators
- RSI: ~43, approaching oversold territory.
- Support Level: Current critical support.
- Resistance Level: $0.000009 (first resistance).
- Potential downside: New lows before 2026 if support breaks.
Emerging Project: PepeNode
While SHIB struggles to hold support, a new project called PepeNode is gaining traction. With $2.20 million raised and an impressive 570 % APY, PepeNode is positioning itself as a strong contender in the memecoin market. The project focuses on staking incentives that keep holders locked in, reducing selling pressure and allowing momentum to build internally even when the broader market is flat.
Outlook
The mysterious whale’s accumulation of SHIB has ignited speculation about a potential bull market. While the memecoin market shows early signs of recovery, projects like PepeNode are adding fresh enthusiasm. Keep an eye on SHIB’s price action and broader memecoin trends for further developments.
