Despite SHIB’s performance, whales have been actively accumulating the token in May.
Shiba Inu (SHIB) whales have collectively accumulated 30 trillion SHIB ($734 million) tokens despite the recent decline in crypto price.
The development was shown by their massive accumulation of trillions of SHIB tokens in May, betting on the token’s long-term potential, despite the meme coin’s 11% drop from March highs, now trading at $0.000024.
After hitting a local high of $0.0000457 on March 5, SHIB’s price has dropped sharply to around $0.000024. The decline has led to a monthly loss of over 11% despite the resurgence in meme coin popularity—even the approval of a spot Ethereum ETF hasn’t sparked buying interest, leaving SHIB primarily unaffected.
Whale Accumulates 30 Trillion SHIB Tokens
Despite the performance, IntoTheBlock data indicates that Shiba Inu Whales have been actively accumulating the token throughout May.
Massive whale transactions have gathered 30 trillion SHIB tokens this month, positioning the second-largest meme coin by market capitalization as one of the most actively traded tokens by whales. On May 20, whales collected 1.7 trillion SHIB tokens ($41 million). The whale accumulation indicates strong confidence in SHIB’s long-term potential, with these entities likely positioning themselves for an anticipated future uptrend.
SHIB Updates: Coinbase, Burn Rate, and Beyond
At the beginning of this week, Coinbase revealed plans to expand its services by introducing perpetual futures contracts for SHIB. The crypto exchange platform supported popular meme coins like Bonk Inu (BONK), Floki Inu (FLOKI), and XRP.
Following the development, SHIB’s trading volume surged by nearly 43% in the last 24 hours, reaching $904.9 billion, according to CoinMarketCap data.
On May 19, SHIB’s burn rate experienced a remarkable surge of 579%, which indicated a bullish sentiment. The action reduced the meme coin’s market supply by 12.70 million SHIB tokens, boosting its demand.
As of the time of writing, the SHIB token is the 13th biggest crypto asset by market capitalization, with a market cap of $14.40 billion and a trading volume of $635.63 million. It also has an all-time high of $0.00008616, recorded on October 28, 2021.
