Whales Accumulate SHIB as Cup-and-Handle Pattern Hints at 70% Upside

Whale wallets now hold 109.69B SHIB tokens, up from 105B, signaling increasing investor confidence and accumulation in recent days.

SHIB token supply on exchanges drops to 277.37 trillion, suggesting fewer tokens are available for sale as holders seek long-term positions.

Ethereum’s rally towards $4,000 has historically supported SHIB price moves, contributing to bullish sentiment across meme-based digital assets.

Shiba Inu (SHIB) is currently exhibiting a bullish structure, supported by whale activity, reduced exchange supply, and Ethereum’s strong performance.

Whale Accumulation Signals Renewed Investor Confidence

Large SHIB holders have been steadily increasing their holdings. According to on-chain data from Nansen, whale addresses now hold over 109.69 billion tokens. This marks a clear jump from earlier this month when holdings dropped to about 105 billion. Market watchers often view such accumulation as a sign of future price growth.

This growing interest has coincided with the rapid fall of Shiba Inu supply across both decentralized and centralized exchanges. As of writing, we are sitting at 277.37 trillion tokens, down from the 283 trillion early july. Falling exchange balances typically suggest long-term holding strategies and reduced sell-side pressure.

Joe Swanson shared on X that SHIB is developing a cup-and-handle formation, reinforced by a double-bottom structure. He noted that the current pullback likely represents the handle phase of the pattern.

Technical Structure Supports a Potential Breakout

The cup-and-handle pattern forming on SHIB’s chart is regarded as a bullish continuation setup. The presence of a double bottom near the lower end of the structure further strengthens the case for a possible breakout. Pullbacks forming the handle are often considered healthy consolidation phases before a continuation move.

Swanson suggested the setup could deliver as much as 70% upside from current levels. While this is a speculative projection, the underlying market structure supports cautious optimism. The daily price of SHIB stands at $0.00001218, with a 0.71% rise in the last 24 hours and a trading volume exceeding $153 million.

Ethereum’s Rally Adds Further Momentum to SHIB

Shiba Inu often performs well when Ethereum gains traction. Ethereum has climbed 175% from this year’s lows and is approaching the $4,000 mark. Analysts attribute this surge to technical strength and increasing inflows from spot ETFs.

As Ethereum’s value rises, meme tokens like SHIB tend to attract fresh capital. The correlation between both assets has remained consistent in previous cycles. With ETH strengthening, SHIB’s technical and on-chain metrics are being closely monitored for further upside movement.

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