Shiba Inu (SHIB) is slowly emerging as one of the surprise contenders in the current crypto bull market. While its price action has not turned many heads yet, analysts and large holders are signalling that a major reversal could be closer than most expect.
Analyst Says Nobody Is Selling SHIB
In a recent post on X, well-known crypto market analyst “Cantonese Cat” shared a bold take: practically no one is selling SHIB right now. According to him, sell-side volume for Shiba Inu is nearly non-existent, leaving bears with little fuel to push the token lower. He emphasised that even a small push from bullish traders could be enough to break the long-standing downtrend that has capped SHIB’s potential for months.
Shiba Inu has struggled under bearish pressure for more than a year. Since March 2024, SHIB’s price has plummeted by 77%, falling from $0.000045 to as low as $0.00001004. The meme coin tried to bounce back at least twice during this time, but bears successfully blocked each attempt, bringing SHIB dangerously close to adding another zero to its price.
Now, Cantonese Cat believes this bear trend will soon reverse dramatically, as persistent accumulation suggests bulls are preparing for their moment.
Large Holders Fuel SHIB Accumulation
Recent buying activity backs up this optimistic view. On July 10, large SHIB holders, wallets controlling at least 0.1% of the total supply, scooped up 1.81 trillion SHIB tokens. This figure represents a 422% increase compared to the day before and an eye-popping 1,247% rise from the same day a month ago.
This surge in buying coincided with SHIB breaking above $0.000013 for the first time since mid-June. While some of this SHIB left large wallets on the same day, net flows remain positive, suggesting that accumulation is still underway.
At the time of writing, SHIB trades around $0.00001375, posting a daily gain of 4.6%. On the weekly chart, SHIB has jumped 17%, putting it at a new monthly high. Despite this momentum, many market watchers argue the token still has significant room to grow.
Related article: Shiba Inu (SHIB) Reaches Key Milestone as 100 Trillion Tokens Move: What’s Next?
How High Could Shiba Inu Go?
While Cantonese Cat did not share specific price targets, other prominent figures in the SHIB community have. Popular community analyst “SHIB Spain” recently said that SHIB is positioned to go much higher after overcoming key resistance levels. His chart suggests that SHIB could reach above $0.000018 in the short term, with a long-term target near $0.0001.
Another analyst, Crypto Candy, reinforced the bullish narrative, describing Shiba Inu as the OG meme coin ready for a serious comeback. According to his analysis, SHIB’s first hurdle is $0.00001718, which he expects the coin to challenge during this breakout. If SHIB clears that level, Crypto Candy sees a continuation toward $0.00002502. Pushing further, he believes the coin could retest its December high of $0.00003324 before aiming even higher.
Doubts Linger About SHIB’s Future
Despite this renewed optimism, not everyone is convinced Shiba Inu will deliver big returns. Critics argue that legacy meme coins like SHIB may have peaked in previous cycles and could struggle to generate fresh hype in an evolving market. They point out that newer meme coins often capture investor interest faster than established names.
Even so, SHIB’s strong community, recent accumulation trends, and lack of selling pressure suggest that the meme coin may not be done just yet.
Final Thoughts
Shiba Inu is showing signs that its prolonged bearish trend could flip in the coming weeks. As major holders keep accumulating and sell-side volume dries up, analysts like Cantonese Cat believe only a small bullish push could trigger a major price reversal. While the skeptics remain vocal, SHIB fans are watching for the next big move that could bring this meme coin back to center stage.
