Data from crypto whale tracker WhaleStats indicates that Ethereum whale ''Jiraiya" has just loaded up on 99 billion Shiba Inu tokens worth $3,560,960. Shiba Inu accumulation by whales continues amid the flat action seen of late in SHIB price.
In two large transactions, as noted by WhaleStats, the Ethereum whale ''Jiraiya," the 17th largest among the 1,000 ETH wallets tracked, scooped up 99 billion SHIB tokens, or nearly $3.65 million.
The transactions occurred simultaneously and were recorded on the blockchain about 20 hours ago. ''Jiraiya'' purchased 49,999,041,461 SHIB worth $1,847,289, followed by 48,999,041,461 SHIB worth $1,810,343.
In every market cycle comes the accumulation phase, whereby prices flatten and contrarian investors see the opportunity to jump in and scoop up discounts. This continues to be seen for Shiba Inu.
SHIB price action
Shiba Inu's market capitalization dipped and fell out of the top 10 cryptocurrencies, but whales and dip buyers are calming the waters and allowing a semi-orderly rebound of the meme token.
At press time, SHIBA INU's price action has met strong buying interest near recent lows at $0.00003425, where major support from the daily chart keeps the uptrend intact with a 24-hour trading volume of $1,169,504,576.