Shiba Inu (SHIB) has shown a mediocre performance recently, but large investors continue to show optimism in its potential for growth. In May alone, whales have accumulated trillions of SHIB tokens, indicating confidence in its long-term prospects. Despite a drop of over 11% from its March peak, SHIB is currently trading at $0.000024. The approval of a spot Ethereum ETF did not boost interest in SHIB, which has been largely unaffected by market trends. Data from IntoTheBlock reveals significant whale activity, with 30 trillion SHIB tokens acquired in May. This accumulation suggests a belief in SHIB's future growth. Coinbase's introduction of perpetual futures contracts for SHIB led to a 43% increase in trading volume. Additionally, SHIB's burn rate surged by 579% on May 19th, reducing its market supply and increasing demand. The crypto market continues to show interest in meme coins like SHIB, indicating a potential uptrend. Read more AI-generated news on: https://app.chaingpt.org/news
Shiba Inu Whales Remain Bullish Despite Lackluster Performance
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