Shiba Inu is up by 12.15% in a 7-day timeframe as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has shown that accumulation has been going on for a while, with SHIB whales now accumulating $300 million in the past three months.
Shiba Inu Whales Have Been Accumulating Large Amounts Of SHIB
On-chain data from IntoTheBlock has shown that SHIB whales, meaning large holders, have been accumulating huge amounts of SHIB over the last few months. Large holders in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of circulating supply) and 47 investors (those with more than 0.1% of circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around $300 million worth of SHIB in just the last 90 days.
Data from the on-chain tracker Whale Alerts has shown various massive transfers during this time period. When investors accumulate large amounts, it often signals an incoming price rally.
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