As an analyst with a background in studying crypto market trends and whale behavior, I find Shiba Inu’s (SHIB) recent price action intriguing, despite the lackluster performance this month. The data from IntoTheBlock revealing that Shiba Inu whales have accumulated 30 trillion SHIB tokens this May is noteworthy and suggests a strong belief in its long-term potential.
Shiba Inu (SHIB) has shown disappointing results during the past month. However, despite this, large investors, or “whales,” continue to express optimism about its prospects for a price increase.
In May last month, they amassed an enormous amount of approximately trillions of SHIB tokens, indicating a strong belief in SHIB’s future potential. Despite a nearly 11% decrease in value since its March peak and the current price of $0.000024 for the meme coin, this accumulation suggests unwavering confidence.
Whales Gorge on 30 Trillion SHIB Tokens
Starting from its peak of $0.0000457 on March 5, SHIB‘s price has experienced a sharp decline and is now hovering around $0.000024. This downward trend has led to a monthly loss exceeding 11% for SHIB, despite the heightened buzz surrounding meme coins. Notably, even the announcement of an Ethereum spot ETF’s approval has not sparked any notable buying activity for SHIB.
Although the performance of Shiba Inu has fallen short of expectations, information from the cryptocurrency analysis tool IntoTheBlock indicates that significant investors, or “whales,” have persistently purchased the token during May.
As an analyst, I’ve noticed a significant surge in large transactions involving Shiba Inu (SHIB) tokens this month. In fact, these transactions have accumulated an impressive 30 trillion SHIB tokens, making it the second-largest meme coin by market capitalization with high trading activity among whales. On May 20th alone, whales managed to acquire 1.7 trillion SHIB tokens.
The significant increase in the number of whales holding Shib indicates a firm conviction in SHIB‘s future growth prospects. These large investors may be preparing for an upcoming price surge.
SHIB Developments: Coinbase, Burn Rate, and More
As a crypto investor, I’m excited to share that Coinbase recently made some significant additions to its platform. This week, they introduced perpetual futures contracts for SHIB, which is a major development for the Shiba Inu community. Additionally, the exchange has extended its support to include popular meme coins like Bonk Inu (BONK), Floki Inu (FLOKI), and XRP. These additions will provide more opportunities for investors to trade and engage with these digital assets.
According to CoinMarketCap’s latest data, SHIB‘s trading volume experienced a significant surge of approximately 43% within the last 24 hours, reaching an impressive figure of $904.9 billion.
The burning rate of SHIB surged by an impressive 579% on May 19th, implying a bullish outlook as this event decreases the circulating supply of the meme coin by approximately 12.7 million SHIB tokens, consequently boosting its market demand.
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2024-05-24 18:17