Shiba Inu Whales Hoard 30 Trillion SHIB During Dip! 🐕🌊

Shiba Inu Whales Continue to Accumulate SHIB Tokens

Despite Shiba Inu (SHIB) experiencing a lackluster performance in recent months, whales have shown a strong bullish sentiment towards the meme coin by accumulating trillions of SHIB tokens in May alone. This massive accumulation indicates that whales believe in the long-term potential of SHIB, even as the coin’s price has dropped over 11% since its March highs, currently trading at $0.000024.

– Since reaching a local high of $0.0000457 on March 5, SHIB’s price has plummeted significantly, currently trading around $0.000024.
– Despite the decline, whale transactions have accumulated 30 trillion SHIB tokens in May, making SHIB one of the most actively traded tokens by whales.
– This accumulation suggests a strong belief in SHIB’s future potential, with whales positioning themselves for a potential uptrend.

Recent Developments Impacting SHIB

Recently, Coinbase announced the launch of perpetual futures contracts for SHIB and added support for other meme coins, including Bonk Inu (BONK), Floki Inu (FLOKI), and XRP. Following this development, SHIB’s trading volume increased by almost 43% over the past 24 hours, reaching $904.9 billion according to data from CoinMarketCap.

– SHIB’s burn rate surged by 579% on May 19th, signaling a bullish sentiment among investors.
– The increase in the burn rate reduces SHIB’s market supply by 12.70 million tokens, leading to an increase in demand for the meme coin.
– These developments indicate growing interest and confidence in SHIB’s potential for future growth among investors and traders.

Conclusion

Shiba Inu (SHIB) continues to be a hot topic in the crypto market, with whales accumulating trillions of tokens and recent developments impacting its trading volume and burn rate. Despite the coin’s recent price decline, whales remain optimistic about SHIB’s long-term prospects, positioning themselves for a potential uptrend. Investors and traders should keep an eye on SHIB as it navigates through market fluctuations and responds to new developments in the crypto space.