Shiba Inu (SHIB) addresses are scooping up more tokens as transactions worth $100K+ skyrocket amid an uptick in whale accumulation.
Shiba Inu (SHIB) is feeling the heat brought by the recent market downturn. Like most mainstream assets, SHIB is down in the past 24 hours. However, whales have leveraged the opportunity to amass more SHIB tokens, as evident in an upsurge in $100K+ transactions and accumulation.
Per current data from market intelligence provider IntoTheBlock, large Shiba Inu transactions worth at least $100,000 have remarkably increased in the past seven days. According to the crypto analytics resource, the number of these transactions skyrocketed to 40 yesterday, following a drop to 16 on June 1.
In addition, these large transactions have cumulatively amounted to over $61.62 million worth of SHIB in the past week. While this metric underscores a massive concentration of large whale transactions, it does not necessarily translate to an uptick in accumulation, as whales could either be selling or procuring SHIB with these transactions.
Shiba Inu Whale Accumulation
However, further data suggests a spike in whale accumulation following Shiba Inu’s massive drop to the yearly low of $0.00000773 yesterday. The last time SHIB plummeted to this value was in June 2022. Following the latest drop, whales scooped up a massive 2.49 trillion SHIB, according to IntoTheBlock. The number of large SHIB buyers also surged to 146.
Moreover, data from Santiment, a crypto behavior analytics resource, corroborates these findings. Santiment’s charts suggest a steady accumulation trend observed among Shiba Inu whale addresses, particularly addresses holding between 10 million and 1 billion SHIB tokens.
Data confirms that these addresses have increased their holdings since April, with a recent balance spike. The Crypto Basic called attention to some of these significant whale accumulation moves, including the procurement of 261 billion SHIB late last month.
Meanwhile, Shiba Inu remains at the mercy of the bears, down 0.37% in the last 24 hours. SHIB is looking to register an intraday gain today following the massive 7.33% loss observed yesterday in the wake of the SEC’s lawsuit against Binance. Shiba Inu is currently trading at $0.00000808 as of press time.