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.

These massive accumulations by large holders point to their bullish belief in SHIB, despite the crypto having a weak momentum before the ongoing spike in the crypto market.

This accumulation can, for the most part, be traced back to the introduction of Shibarium. The layer-2 solution developed by Shiba Inu, known as Shibarium, has had a good deal of success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.