Shiba Inu buy orders continue to pile up despite whales being MIA

Alongside other top coins from the market, Shiba Inu’s price made rapid northbound strides during the late hours of Sunday. Of the 16% weekly pump, approximately half [7.22%] of it was registered in a single day, yesterday. As a result, SHIB’s price leaped to a local peak of $0.000027.

Source: CMC

Is Shiba Inu’s accumulation trend still on?

Whales have always played a crucial role in calling the shots w.r.t. SHIB’s rallies. Whenever their transactions have risen, SHIB’s price has risen. Nonetheless, of late, most whales have been steering away from Shib Inu. Consider this – Neither over the past day nor the past week has Shiba Inu made it to the top purchased tokens of the Ethereum rich list.

On the whole, the cumulative number and volume of the large transactions [>$100k] have remained suppressed lately, despite the price hike. Both the metrics continue to flash readings that are quite distant from their local peaks registered in February. The same can be evidenced below.

Source: ITB

On the broader landscape, however, market participants have been replenishing their Shiba Inu HODLings. In the past 6-hours alone, the buyer-seller trades difference flashed a positive value of 960 billion tokens, while on the 12-hour frame, the same reflected a number as high as 1.53 trillion.

Source: ITB

Shiba Inu’s price pumping, despite not receiving a helping hand from whales, to a fair extent indicates that retail demand is pushing the token’s price up this time. Regardless of the category of market participants, if the bias pendulum continues to point towards buys, Shiba Inu would be in a position to reap the benefits from the same. However, if bears manage to re-enter the market and induce pressure from their end, it wouldn’t take much time for SHIB to negate its recent gains.