SHIB Price Soars on Bitcoin Short Squeeze but Whale Accumulation Raises Questions
SHIB surged over 10% on August 20 as part of a broader crypto rally, but its price action is still uncertain. According to Peter Zhang, SHIB's price move looks less like fundamental discovery and more like beta-chasing in a risk-on stampede.
The meme token bounced off a local low of $0.00000442, where 740 large whale wallets controlling 94.57% of circulating supply pulled approximately 46.7 billion tokens off Binance and Robinhood in a matter of days. Exchange reserves hit their lowest point of 2026, sitting around 82.31 trillion tokens.
Net accumulation among wallets moving over $100,000 at a time showed a 54% buy ratio over 30 days, totaling roughly $12.79 million in net cold-storage inflows. Active addresses jumped 26.4%, and daily coin activity spiked 15%.
The technical picture is a study in contradiction, with momentum hot on the oscillators but the RSI at 61.50 telling a more nuanced story, neutral to mildly bullish, not in screaming overbought territory.