Shiba Inu Whales Accumulate: 42% More SHIB Coins Purchased in 24 Hours

Shiba Inu (SHIB), one of the most talked-about meme coins in the cryptocurrency space, has seen a notable surge in whale activity in the past 24 hours. According to the data, the top 1,000 of the largest Ethereum wallets now hold 42% more tokens than previously. Previously, whales have shown more buying activity of Shiba Inu.

SHIB Price Surge Fueled by Whale Activity?

Shiba Inu price eyes a breakout from a 4-year consolidation range after 6% gains in 24 hours and 530 trillion SHIB purchases by whales. What came first, the SHIB price growth or the whales buying the meme-inspired coin, is an open question. However, the fact remains that as the price of the Shiba Inu Shiba Inu (SHIB) is getting a major defining moment as whales within the ecosystem are currently pushing for new heights. Per data from the crypto analytics platform, the recent accumulation suggests strong confidence among large holders.

On-Chain Data Reveals Whale Accumulation Trends

Particularly, data from on-chain analysis confirms the increased whale activity. This significant increase in SHIB holdings by whales suggests a bullish sentiment towards the meme coin's future potential. It remains to be seen if this whale activity will translate into a sustained price increase for SHIB.

What Does This Mean for SHIB Investors?

The substantial increase in SHIB holdings by whales could signal a positive outlook for the coin. However, it's important to remember that the cryptocurrency market is volatile, and past performance is not indicative of future results. Investors should conduct their own thorough research before making any investment decisions.

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