Shiba Inu Whales Engage in $61 Million+ Transactions as Accumulation Intensifies

Shiba Inu investors have recorded increasing transaction engagements value to more than $61 million. Notably, the second largest meme coin Shiba Inu is battling to hold onto its price value with the overall price decline in the crypto markets. 

According to data from CoinMarketCap, SHIB is down by 0.53% over the past 24 hours, as it currently trades at around $0.000007992. SHIB whales use the slight price drop to accumulate more of the meme coin. 

SHIB Whales Accumulate More Tokens

According to a blockchain and market analytics firm, IntoTheBlock, whales engage in large Shiba Inu transactions worth $100,000 or more. 

Data showed a significant spike in $100,000+ transactions for SHIB over the past 7 days. The analytics firm revealed that the number of these transactions increased to 40 on June 5 after dipping to 16 on June 1.

Further, IntoTheBlock noted that SHIB transactions involving $100,000 or more witnessed a spike after June 1. 

The total value of these transactions grew to $10.7 million, indicating a spike of 310.69%. This explains that the whales’ accumulation increased by 1.24 trillion SHIB tokens. Subsequently, the total value of these recent transactions has reached more than $61 million worth of Shiba Inu within the past week. 

Also, the market intelligence provider, IntoTheBlock recorded that the increase in Shiba Inu whale accumulation intensified as the token price hit $0.00000773 on June 6. 

The price level marked a yearly low for the meme coin as SHIB declined to this value last June 2022. The increasing run on the meme coin saw the whales amassing up to 2.49 trillion SHIB tokens taking the number of large Shiba Inu buyers to 146. Similarly, data from a crypto analytics firm, Santiment, confirmed the recent spike in Shiba Inu transactions.

SHIB charts reflect a progressive accumulation pattern seen among Shiba Inu whale addresses. The trend is more prominent for whale addresses that hold up to 10 million to 1 billion SHIB coins.

Additionally, Shiba Inu whale addresses have increased holdings since April this year. Data from CoinMarketCap revealed that whale addresses holding $100,000+ constitute over 86% of overall holders. 

Etherscan.io disclosed that a SHIB whale accumulated 140 billion SHIB tokens in May. The whale, the 19th biggest SHIB holder, purchased the tokens worth $1.18 million through two separate transactions within 24 hours.

Shiba Inu Development Project Takes A Lead

Shiba Inu prices have been caught in a bearish web as the meme coin has declined within the past few days. 

SHIB declined by 0.53% and 5.52% over the past 7 days and 24 hours, respectively. Despite its low price performance, Shiba Inu remains among the top innovative crypto assets with its thrilling developments.

The SHIB official Twitter page has announced the trailer release for its metaverse’s project Rocket Pond. The project is believed to bring a revolution to the Shiba Inu ecosystem.

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