Outside Source
Shiba Inu (SHIB) has posted a lackluster performance this month, yet whales remain remarkably bullish on its potential for an uptrend.
This is evidenced by their mammoth accumulation of trillions of SHIB tokens in the month of May alone, which appears to be bet on SHIB’s long-term prospects, even as the meme coin has plunged over 11% from March highs, currently trading at $0.000024.
Whales Gorge on 30 Trillion SHIB Tokens
Since reaching a local high of $0.0000457 on March 5, SHIB’s price has plummeted significantly and is currently trading at around $0.000024. This price action has contributed to its monthly loss of over 11%, defying the renewed frenzy surrounding meme coins. Even the approval of a spot Ethereum ETF has failed to ignite buying interest, as SHIB has remained largely unaffected.
Despite this underwhelming performance, data from the crypto analytics platform IntoTheBlock reveals that Shiba Inu whales have been aggressively accumulating the token throughout May.
Large whale transactions have amassed a whopping 30 trillion SHIB tokens this month, making the second-largest meme coin by market cap one of the most actively traded tokens by whales so far. On May 20 alone, whales amassed 1.7 trillion SHIB tokens.
This whale accumulation suggests a strong belief in SHIB’s long-term potential, with these entities likely positioning themselves for a future uptrend.
SHIB Developments: Coinbase, Burn Rate, and More
Earlier this week, Coinbase announced expanding its offerings by launching perpetual futures contracts for SHIB. The cryptocurrency exchange also added support for popular meme coins such as Bonk Inu (BONK), Floki Inu (FLOKI), and XRP.
Following the development, SHIB’s trading volume increased by almost 43% over the past 24 hours, rising to $904.9 billion, as per data on CoinMarketCap.
SHIB’s burn rate also exploded by 579% on May 19th, indicating a bullish sentiment since the action results in the reduction of the meme coin’s market supply by 12.70 million SHIB tokens, thereby increasing its demand.
This article first appeared at CryptoPotato
