Whales Accumulate 1.356 Trillion SHIB Amid Bullish Market Momentum

Investors have collectively amassed 1.356 trillion Shiba Inu (SHIB) tokens, valued at approximately $35.2 million. The recent acquisition highlights a growing interest in SHIB, as crypto whales leverage bullish momentum to increase their holdings.

According to a recent update from the crypto surveillance account Lookonchain, nine wallets, including those of two major whales, have been identified as the key players in this significant purchase. These investors capitalized on a surge in market optimism, coinciding with Bitcoin’s resurgence into the $70,000 range. 

Their acquisition prices varied, with an average purchase price of $0.00002596. This strategic move underscores the confidence of these investors in the potential of Shiba Inu amidst the broader market recovery.

Interestingly, the update also revealed that four of these investors utilized portions of their Ethereum portfolios to acquire Shiba Inu tokens. This trend reflects a shift in investment strategies, where prominent market players diversify their crypto assets to include SHIB. The utilization of Ethereum to fund these acquisitions highlights the interconnected nature of the crypto market and the strategic maneuvers employed by seasoned investors to maximize their portfolios.

Despite the recent accumulation by whales, Shiba Inu (SHIB) has experienced a slight decline in its market performance. As of today, SHIB is priced at $0.00002525, with a 24-hour trading volume of $340,668,290.89. This represents a 1.19% decrease in the last 24 hours and a 2.37% decline over the past week. In comparison to the global cryptocurrency market, which has risen by 4.30%, and similar GMCI 30 Index cryptocurrencies, which remained stable, SHIB’s performance has underwhelmed.

With a circulating supply of 590 trillion SHIB, Shiba Inu’s market cap stands at $14,878,914,701. While the recent downturn in SHIB’s value contrasts with the overall bullish sentiment in the market, the significant accumulation by whales signals ongoing interest and potential future movements within the cryptocurrency.