Ethereum and Shiba Inu whales developed an intense relationship recently. Whales indulged in accumulation as the renowned meme coin explored discounted prices. Many whales have purchased Shiba Inu tokens in massive amounts.

Whale Activity

The latest action by large wallet investors came from BlueWhale0073 purchasing 86,740,251,500 SHIB worth around $1,015,728. WhaleStats shows the giant whale had recently bought 193,419,098,244 Shiba Inu tokens.

Nevertheless, reports show the whale utilized the acquired SHIB as speculative assets as he sold the tokens following the purchases. For now, Shiba Inu and other coins constitute 0.2% of the investor’s portfolio. The whale purchased SHIB tokens when prices plummeted to $0.00001136 before selling after an increase to the $0.0000119 peak.

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Moreover, the previous 24 hours saw a shift in whales’ Shiba Inu coins on the ETH blockchain. The whale cryptocurrency-holdings chart showed the category held SHIB worth $833,034,530 on May 24. The figure has dropped to $544,421,504.

Meanwhile, Shiba Inu recorded steady plunges in May as the crypto market struggled. The canine-themed crypto lost around 5.51% within the previous week, changing hands near the $0.0000116 lows at this publication. Moreover, data shows a considerable decline in SHIB’s volume, 40% down at this publication.

Analysts attribute that to the swift drop in whale transfers within the past day (WhaleStats data). Also, the transaction amount plunged to 190,117 within the past day, when it hit 10,270,613 figures.

On the metrics side, Shiba Inu’s MVRV ratio maintained high volatility over the past few months. However, the index climbed after dropping over multiple trend lines. That indicates massive selling momentum within the market, with the meme coin staying within the oversold region.

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Bears have dominated the market and seem to extend their activities. The overall crypto spectrum flashed persistent selling. While publishing this content, the cumulative value of all digital tokens stood at $1.25 trillion, dropping 1.62% within the past day.

Also, the $30,000 hurdle seems challenging for Bitcoin to overcome, as sellers drag the bellwether crypto lower following all attempts. For now, Bitcoin trades at $29,667.2, dropping 0.20% within the past day. Such actions would see SHIB extending its bearish tendencies.