The resurgence in the crypto market as a whole has extended to the memecoin ecosystem, with the market capitalization of the sector increasing by 25% in the last week.
This rally has rekindled the interest of large investors, who have gradually increased their exposure to the memecoin SHIB.
On-chain data reveals that large wallets holding between 10,000 and 1 million tokens have collectively purchased 340 million SHIB in the last week. This group now holds 145.06 billion SHIB, marking their highest recorded balance, indicating growing conviction among significant investors.
SHIB has risen by 15% in the same period and is currently trading at $0.0000132. If the bullish momentum persists, the token could extend its rise to $0.0000146 in the short term.
However, sellers could push the price of the memecoin down to $0.0000137 if they reappear.