The Shiba INU price has been trading sideways for quite a long time, while the whales continue to gather more and more tokens over time. For nearly a week, the SHIB price has been trading within a very narrow range, recording minor bounces. Dogecoin, on the other hand, managed to surge by more than 20% over the past week, while SHIB failed to follow the primitive memecoins of the space.
Despite this fact, whales continue to amass a large amount of wealth as their interest in the token has grown massively. According to WhaleStats, SHIB is the first choice of the top 500 Ethereum whales who are currently accumulating massive amounts.
Besides, minor bullish signals have been let out, which signals that the asset is due for a massive breakout any time from now. The MVRV ratio is the comparison between the market cap & the realized cap, and it also determines the upcoming trend of the asset. Presently, the Shiba INU’s MVRV ratio is constantly on the rise, flashing bullish signs for the crypto.
Meanwhile, the Bollinger Bands indicate that the Shiba INU price is currently trading within a squeeze zone, which is increasing the upside. On the other hand, both the RSI and the CMF registered minor losses and hovered slightly below the average levels. Hence, while uncertainty remains on the SHIB price rally, factors such as whale accumulation could surely lead to a bullish breakout soon.
