Two whales accumulate 14.9T SHIB - Shiba Inu price navigates murky bear market waters

Shiba Inu price is pivoting within a medium-wide range running from $0.00001180 to $0.00001274. Early this week, the second-largest meme coin was strongly rejected at $0.00001295 while attempting to capitalize on a bullish move targeting $0.00001800. For now, Shiba Inu price is concentrating on defending the demand area highlighted at $0.00001180 in a bid to relaunch its northbound quest to $0.00001800.

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Whales sink more money into SHIB despite price movement limitations

A couple of Shiba Inu investors are catching the market’s attention for accumulating up to 14.9 trillion SHIB tokens. Etherscan.io reports revealed that the two deep-pocketed whales topped up their investment in the second-leading crypto by another 701 billion SHIB tokens on September 7, worth around $8.62 million.

The 75th biggest Shiba Inu whale bundled up approximately 541.32 billion SHIB tokens worth around $6.6 million on Wednesday. According to Etherscan.io, the purchase was completed in one transaction from the crypto exchange – Gate.io.

Shiba Inu Etherscan.io report

At the same time, the 7th largest whale made away with roughly 160 billion SHIB tokens worth around $1.90 million. The whale carried out the transaction in two batches; a colossal $1.75 million order and another one of $218,772. CryptoBasic, a crypto media platform, found out that this whale now holds a staggering 14.37 trillion SHIB tokens. Together, the two whales hold approximately 14.9 trillion tokens.

Shiba Inu Etherscan.io report

Shiba Inu price may start gaining momentum if whales continue their buying spree. Accumulation often occurs as the market consolidates. In other words, large volume holders often push for a price breakout in either direction. With Shiba Inu price likely to uphold support at $0.00001180, a bullish breakout is possible above the upper range limit ($0.00001274).

SHIB/USD four-hour chart

The Stochastic oscillator on the four-hour chart elucidates that a brief rebound observed on Wednesday has run out of steam. Traders looking for new entries must wait for Shiba Inu price to tag the lower range limit ($0.00001180) before betting on a significant bullish climb.

Shiba Inu IOMAP model

The IOMAP on-chain model by IntoTheBlock reinforces fundamental support between $0.00001100 and $0.00001200. Roughly 20,000 addresses scooped up 58.77 trillion tokens in the range.

Holders in this range will focus on defending this support area while targeting an upside move to $0.00001800. As seen on the chart, the many weak hurdles may not hold Shiba Inu price back, at least not for long – making a bullish breakout imminent.

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