Shiba Inu whales amassed over 10 trillion SHIB tokens in a single day amid the latest recovery effort across the broader market.
Recall that the crypto market suffered a huge blow over the weekend, as the United States’ interference in the Israel-Iran conflict triggered concerns of a larger escalation. Investors pulled out their funds from risk assets, including cryptocurrencies, leading to a loss of $250 billion in valuation.
Shiba Inu also suffered from the ensuing market-wide crash, dropping nearly 9% from Friday to Sunday. However, the new week brought some breath of fresh air, as the market engineered a recovery push, and with this recovery came renewed accumulation efforts.
Shiba Inu Whales Amassed 10.4T Tokens in a Day
Notably, data from the on-chain analytics platform IntoTheBlock confirms that Shiba Inu whales went on a shopping spree yesterday, Monday, June 23. Specifically, investors holding between 10 trillion and 100 trillion SHIB procured a whopping 10.4 trillion tokens worth $114 million that day.
For context, these wallets had a cumulative balance of 182.47 trillion Shiba Inu tokens as of Sunday, June 22. However, by June 23, this balance had expanded to 192.87 trillion tokens, indicating an increase of 10.47 trillion SHIB within this period.
This marked their highest intraday accumulation in the past five months, and second largest overall this year. Interestingly, this cohort of addresses has been known to amass trillions of Shiba Inu tokens within a short period, with one of their latest large-scale purchases involving the procurement of 10.15 trillion SHIB on May 27.
While these addresses have often sold off their bags after each large-scale accumulation, the trend has since shifted. Notably, since May 24, these addresses have continued to procure more Shiba Inu tokens despite prevalent price struggles.
Their balance on May 24 stood at 165.06 trillion Shiba Inu tokens, indicating that with the current balance of 192.87 trillion SHIB, they have amassed 27.81 trillion tokens since then. The current balance reflects their largest cumulative holding this year, as they retain their bags for what could be a price uptrend.
Whales Show Mixed Behavior Amid Price Uncertainty
However, further data shows that the behavior among whales has been mixed as Shiba Inu continues to face price struggles. While addresses holding between 1 trillion and 10 trillion SHIB have sold off 26.54 trillion this month, those holding 100 billion tokens to 1 trillion tokens have added 9.04 trillion SHIB, joining the addresses with 10 trillion to 100 trillion tokens.
As earlier highlighted, the recent accumulation trend among investors holding between 10 trillion and 100 trillion SHIB comes as Shiba Inu recovers considerably from the weekend dip. SHIB rallied 9.18% yesterday, marking its largest intraday gain this month, and currently trades for $0.00001169, up over 8% in the last 24 hours.
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