Shiba Inu whales accumulate more SHIB
According to IntoTheBlock , Shiba Inu whales have increased their accumulation of SHIB throughout May. This has occurred even as SHIB prices have dropped significantly from their March highs.
SHIB reached a price of 0.0000457 in March and is now down more than 11% from this level.
Whales have accumulated a whopping 30 trillion SHIB this month. This makes the second largest meme coin by market Capital one of the most actively traded Token by whales to date. On May 20 alone, whales accumulated 1.7 trillion SHIB Token .
This whale accumulation shows strong confidence in SHIB's long-term potential. They believe in an uptrend of SHIB in the future.
Latest developments
Earlier this week, Coinbase launched perpetual Futures Contract for SHIB. The cryptocurrency exchange has also added support for popular meme coins such as Bonk Inu (BONK), FLOKI Inu (FLOKI), and XRP .
After this development, SHIB 's volume increased by nearly 43% in the past 24 hours. This number has reached $904.9 billion, according to CoinMarketCap.
SHIB 's burn rate also exploded by 579% on May 19, indicating bullish sentiment as this action resulted in reducing the market supply of the meme coin by 12.70 million SHIB tokens, thus reducing increase its demand.
The post Shiba Inu whales accumulate large amounts of SHIB as prices fall appeared first on CoinPlus .
