Ethereum News Today: Shiba Inu Whale Accumulation and Cup-and-Handle Pattern Suggest 70% Price Upside

Shiba Inu (SHIB) is showing signs of renewed bullish momentum, driven by whale accumulation and the emergence of a classic cup-and-handle pattern on technical charts. On-chain data indicates that whale wallets now hold over 109.69 billion SHIB tokens, a notable increase from earlier this month when holdings were at 105 billion. This uptrend in large holder activity is often interpreted as a positive indicator of future price performance [1].

Simultaneously, SHIB’s exchange supply has decreased to 277.37 trillion tokens, down from 283 trillion in early July. A declining exchange supply typically signals that holders are shifting toward long-term positions, which can reduce sell-side pressure and support higher prices [1]. Analysts such as Joe Swanson have highlighted that SHIB’s price action is forming a cup-and-handle pattern, with the recent pullback representing the consolidation or "handle" phase. If the pattern completes, it could provide a 70% upside from current levels [2].

This potential breakout is supported by a double-bottom formation at the lower end of the chart structure. Market watchers have noted that such formations add to the strength of the bullish case, particularly when combined with whale accumulation [2]. The current price of SHIB stands at $0.00001218, with a 0.71% rise in the past 24 hours and a trading volume exceeding $153 million. These metrics suggest growing market participation and investor confidence.

Further reinforcing the bullish sentiment is the performance of Ethereum (ETH), which has risen 175% from its year-to-date lows and is approaching $4,000. SHIB has historically benefitted from Ethereum’s price gains, as both assets are closely correlated. Analysts attribute Ethereum’s recent strength to strong technical setups and inflows from spot ETFs, which are expected to continue supporting altcoin movements [1]. With ETH gaining ground, SHIB has attracted fresh capital, and its technical and on-chain indicators are being closely monitored for further upside potential.

In addition to these developments, SHIB has also seen a significant upgrade to its infrastructure with the launch of Shib Identity, a quantum-proof decentralized identity protocol. This enhancement, which uses Fully Homomorphic Encryption (FHE), strengthens user privacy and positions the ecosystem for long-term resilience in the face of emerging cryptographic threats [1]. Such upgrades are increasingly important in the crypto space and can contribute to broader adoption and institutional interest.

While these signals and upgrades are positive, it is important to note that the 70% price projection is based on technical analysis and market patterns, not hard financial data. Actual outcomes will depend on broader market dynamics and investor behavior [2]. Nonetheless, the combination of whale accumulation, strong on-chain metrics, and favorable technical setups has led multiple analysts to forecast a strong upward trajectory for SHIB in the near term [1][2][3].

Sources:

[1] Shiba Inu Whale Accumulation Plus Dual Bullish Patterns Project 70% Rocket for SHIB Price (https://zycrypto.com/shiba-inu-whale-accumulation-plus-dual-bullish-patterns-project-70-rocket-for-shib-price/)

[2] SHIB Faces Consolidation Phase Despite Burn Rate Surge (https://www.btcc.com/en-US/square/SHIB%20News/733705)

[3] Whales Accumulate SHIB as Cup-and-Handle Pattern Hints at 70% Upside (https://cryptofrontnews.com/whales-accumulate-shib-as-cup-and-handle-pattern-hints-at-70-upside/)