Shiba whales have been gobbling up the recent decline with on-chain data showing some amassing a whopping 2.39 trillion SHIB alone. SHIB price has been on a downward trend since the start of the month, falling as much as 20% from the yearly open to reach $0.000008735 on January 8.

Although the crypto has since recovered 15% from that low and is now trading at $0.000009763, its price is still showing signs of decline and is currently down 3.3% over the past 24 hours. Behind the background are whales, gobbling up a massive 2.39 trillion SHIB token worth $24.15 million and sending them straight to cold storage.

Cold storage mainly refers to digital wallets that do not belong to crypto exchanges, making the SHIB stored there inaccessible for exchange or sale. By putting their Shiba in cold storage, these whales are showing that they are planning to HODL for the long term.

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Whales accumulate 2.39 trillion SHIB in one month

The Shiba ecosystem is home to many cetacean investors, and transactions between these whales are not uncommon. According to on-chain transaction tracker Lookonchain, there have been huge SHIB transfers from crypto exchange Binance to four whale addresses in the last 30 days.

The last large SHIB whale transaction was one of 136.86 billion SHIB tokens worth $1.38 million at the time of transfer to a newly created wallet. Notably, this is the smallest accumulation among the four whales. The other three whale transactions were of a larger proportion, one of which included TRON founder Justin Sun accumulating 577 billion SHIB worth $5.82 million from Binance.

Binance's third outflow took place at 0xa656, which accumulated 237.87 billion SHIB worth $2.4 million. The largest accumulation came from 0xF633 which accumulated 1.44 trillion SHIB worth $14.54 million from Binance and Gateio.
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