Shiba Inu Leverages Altcoin Rebound and Whale Accumulation
Shiba Inu (SHIB) has seen a modest price increase due to a broad altcoin rebound and whale accumulation signals. The crypto market's risk-on sentiment is driving this move, with SHIB up about 3.38% over 24 hours and 2.72% over 7 days.
The total crypto market cap rose by around 5.37% in the last 24 hours, while the altcoin market cap increased by approximately 4.48%. This suggests that SHIB's price move is largely due to its beta exposure to the overall crypto market rather than a unique catalyst.
A significant backdrop for SHIB's recent move is the ongoing pattern of large holders pulling tokens off exchanges. A report on August 18 highlighted that SHIB transfer volume jumped about 14.86% over 24 hours, while net exchange balances dropped by roughly 46.7 billion SHIB. This was driven by 740 whale wallets, controlling about 94.57% of the supply, moving tokens into self-custody from major exchanges like Binance, Robinhood, and Crypto.com.
Rising activity and social buzz have also contributed to the recent interest in SHIB. Network activity has picked up, with SHIB's active addresses climbing about 26.4% over the past week. Social sentiment is mildly bullish, but there is no clear 'event' catalyst for the price movement.