Fri Oct 04 06:00:07 UTC 2024: ## Shiba Inu Whales Accumulate Amidst Correction, Suggesting Potential Upcoming Rally

**Despite a recent 24% correction, on-chain data suggests that Shiba Inu whales are actively accumulating, potentially indicating a bullish run in the coming days.**

According to IntoTheBlock (ITB), large Shiba Inu holders have exhibited a significant increase in netflow over the past 48 hours, with a 3,840% jump. This indicates a notable shift from selling to buying, as inflows into whale addresses vastly outweighed outflows.

**”The SHIB whale accumulation strategy is evident through the main inflow data, which reveals an inflow of 3.12 trillion SHIB into whale wallets during the time in consideration, compared to 2.65 trillion SHIB in outflows,”** states Bitcoinist, a leading cryptocurrency news portal.

This accumulation strategy suggests that whales are anticipating a price rebound, possibly fueled by the recent breakout from a six-month downtrend in September.

While Shiba Inu experienced a 63% surge in September, reaching a three-month high, it has since fallen by 24%. However, the strong buying pressure from whales has helped to mitigate further losses and prevent a significant dip below the $0.00001609 support level.

**”Current price action looks like the SHIB bulls have established support at $0.00001609, as they have been able to defend the correction multiple times at this level since October 1,”** states Bitcoinist.

This combination of whale accumulation and strong support suggests that Shiba Inu could be poised for another upward push, potentially fueled by the positive sentiment among large holders.

**”Despite the correction, Shiba Inu remains relatively in a good position for another run-up,”** concludes Bitcoinist.

**This news is based on information from Bitcoinist, a reputable cryptocurrency news portal.**

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