Shiba Inu Displays 9% Growth in 24 Hours Amidst the Bloodbath

Despite the fact that the cryptocurrency market is still in bloodshed, with Bitcoin falling to $22,500 and Ethereum to $1,222, as well as the bulk of other coins, Shiba Inu has been gaining ground.

According to CoinMarketCap, the second most popular meme cryptocurrency has gained approximately 6% in the last 24 hours. Cardano, Solana, and a few other coins in the top 20 list have also grown significantly.

The bear market has proven an opportunity to accumulate more crypto as whales seem to be accumulating SHIB during the bloodbath. According to data from WhaleStats, “BlueWhale0073,” an Ethereum whale, continues to buy large volumes of Shiba Inu.

The whale bought 356,078,908,730 SHIB for a whopping $3 million to add to its pile. WhaleStats is a crypto tracking service focused on the largest 100 wallets on multiple blockchains, including Ethereum, BNB, Polygon, and others. The transaction took place about 16.5 hours ago.

Earlier this month, whales made at least two further purchases of SHIB, the second-largest meme token. On June 6, an investor with the wallet name “BlueWhale0159” purchased 187,000,000,000 Shiba Inu, and on June 1, a whale bought 130,419,267,297 SHIB to his address.

The former was purchased for roughly $2 billion, while the latter was valued at $1,531,122 at the time of the transaction. Apart from SHIB, whales have been buying a lot of FTX Token and MATIC.

The bear market is displaying a massive sell-off that indicates that the challenging market is only for those investors who are in for the long run.