Shiba Inu whales stocked at SHIB 30 trillion amid falling prices

Shiba Inu (SHIB) has seen a lackluster performance this month, but whales remain remarkably bullish on its potential for an uptrend.

This is evidenced by its mammoth accumulation of trillions of SHIB tokens in the month of May alone, which seems to be betting on SHIB’s long-term prospects, even though the meme coin has fallen more than 11% since its highs of March, which are currently trading at $0.000024.

Whales Gorge with 30 trillion SHIB tokens

Since reaching a local high of $0.0000457 on March 5th, SHIB price has dropped significantly and is currently trading 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 spark buying interest as SHIB has been unaffected.

Despite this underwhelming performance, data from crypto analytics platform IntoTheBlock reveals that Shiba Inu whales have been aggressively hoarding the token throughout May.

Huge whale transactions have amassed a whopping 30 trillion SHIB tokens this month, turning the second largest meme coin by market cap into one of the most actively traded tokens by whales to date. On May 20 alone, whales amassed 1.7 trillion SHIB tokens.

This whale build-up suggests 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 the expansion of its offerings by launching perpetual futures contracts for SHIB. The cryptocurrency exchange also added support for popular meme coins like Bonk Inu (BONK), Floki Inu (FLOKI), and XRP.

Following the development, SHIB’s trading volume surged nearly 43% over the past 24 hours to $904.9 billion, according to data from CoinMarketCap.

SHIB’s burn rate also exploded by 579% on May 19, indicating bullish sentiment as the action causes the meme coin’s market supply to shrink by 12.70 million SHIB tokens , thus increasing its demand.

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