Despite facing a tough period in the broader crypto market, large Shiba Inu holders have shown remarkable resilience. In the last three days, these investors have added a staggering 631 billion SHIB to their holdings, signaling renewed accumulation activity even as the cryptocurrency coin continues to struggle with a price slump.

Price Struggles Amid Market Downturn

The last few days have been challenging for the crypto market, with Shiba Inu being no exception. The popular cryptocurrency coin has witnessed a decline of 7.27% in the past week, and a 3.73% drop over the last 24 hours. This downturn has been particularly evident since March 27, when SHIB experienced its fourth consecutive intraday loss, a trend that has continued for the second time this month. As of the morning of March 31, the coin was on track to see its fifth consecutive loss—its first since January.

Despite this bearish pressure, there’s been a noticeable shift in the behavior of large Shiba Inu holders. These whales, who hold significant amounts of SHIB, appear unperturbed by the market’s ongoing struggles. In fact, they’ve significantly increased their positions, continuing to accumulate the token even amid the price slump.

Large Holders Begin Accumulating Again

After a few days of significant outflows on March 26 and 27, large Shiba Inu holders began reversing their course. According to data from IntoTheBlock, addresses holding at least 0.1% of the circulating supply of SHIB started to see positive netflows from March 28 onwards. These addresses collectively added a massive 631.74 billion SHIB in just three days, worth an estimated $7.58 million.

The accumulation began on March 28, when these whales acquired 165.51 billion SHIB. This trend continued the following day, with large holders adding another 148.6 billion SHIB to their bags on March 29. On March 30, the pace of accumulation accelerated, with whales purchasing an additional 317.63 billion SHIB. In total, the three-day accumulation period saw over 631 billion SHIB tokens added to the holdings of large investors.

Positive Netflows Despite Price Drop

Interestingly, the data reveals that outflows from these large holders have been steadily decreasing, while inflows have surged. From March 28 to March 30, these large addresses saw 276.28 billion SHIB in positive netflows, worth about $3.3 million. The bulk of this activity took place on March 30, when 206.93 billion SHIB flowed into these addresses, despite the ongoing price decline.

This shift in behavior highlights the confidence of these large holders in Shiba Inu, suggesting they believe the recent price slump could be temporary. As their holdings continue to grow, it may signal that they expect the price of SHIB to recover in the near future, which would potentially yield significant gains.

Smaller Investors Also Getting Involved

Interestingly, the trend of accumulation is not limited to large holders. Smaller investors, particularly those holding between 10 million and 100 billion SHIB, have also been increasing their balances. Data from IntoTheBlock indicates that these smaller investors, alongside those holding between 10 trillion and 100 trillion SHIB, have added 240 billion SHIB to their holdings since March 28, bringing their total balance to 266.6 trillion SHIB.

This rise in accumulation from both large and small holders suggests that the Shiba Inu community remains committed to the asset, even in the face of price volatility. With buying pressure building, it is likely that the recent downward trend may start to reverse if this positive accumulation trend continues.

Outlook for SHIB

As Shiba Inu’s price currently hovers at $0.00001201, down by 43% year-to-date but up by 16% since November 2024, the recent accumulation trend among large holders could help buffer the coin from further declines. If the influx of buying pressure outweighs selling pressure in the coming days, SHIB may see a price recovery, benefiting from the strong belief and actions of its investors.

In conclusion, while Shiba Inu is currently facing a difficult period, the significant accumulation by both large holders and smaller investors points to continued confidence in the token’s future. As long as the demand for SHIB remains strong, it could weather the current downturn and emerge stronger once market conditions improve.