Shiba Inu Whales (SHIB) Accumulate 6.57 Trillion Tokens

• In the broader context of the altcoin market recovery, Shiba Inu (SHIB) stands out with a weekly gain of 12.57%, demonstrating renewed investor interest.
• Despite challenges related to Bitcoin volatility and German government actions, SHIB shows resilience with a price increase to $0.00001665 and a market cap close to $9.81 billion.

Along with the recovery of the altcoin market, meme coins have also staged a stronger recovery. In particular, Shiba Inu (SHIB) has managed to outperform the rest of the altcoin market with gains of 12.57% on the weekly chart.

At the time of writing, the price of Shiba Inu has increased by 1.40% and is currently trading at $0.00001665 with a market cap of $9.81 billion.

SHIB has yet to recover its $0.00002 support level, largely due to its strong price correlation with Bitcoin (BTC). Bitcoin continues to face turbulence as the German government sells off its BTC reserves. However, there is one positive development: blockchain data provider Santiment reports a decrease of $5.53 trillion in Shiba Inu exchange reserves.

A reduction in large SHIB holdings on cryptocurrency exchanges could indicate growing confidence among large investors in SHIB, reported Italian:CNF.

As Shiba Inu exchange reserves steadily decline, on-chain crypto whales continue to accumulate coins in self-custodial wallets. Santiment data shows that whales using off-exchange wallets have collectively accumulated 6.57 trillion Shiba Inu tokens in the past month, according to CNF update.

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Shiba Inu Developer Hints at Upcoming Developments

Shiba Inu team member Lucie recently addressed the community about the upcoming TREAT token. In a tweet, Lucie stressed the importance of patience, stating, “A good TREAT takes time.” She reassured the community that while TREAT hasn’t launched yet, it deserves careful development alongside other tokens like BONE and Leash.

Lucie’s message emphasized the need to focus and warned against misinformation amid the anticipation surrounding TREAT’s release. Her encouragement to stay focused underscored the project’s commitment to delivering a quality product rather than rushing its release.

Lucie also mentioned other tokens in the SHIB ecosystem such as SHIB, BONEand LEASH adding that these tokens would need “genuine treatment”, thus underlining their importance. Lucie’s statement also refers to some of the ongoing and future efforts to improve the utility of these tokens.

Earlier this week, Shiba Inu leader Shytoshi Kusama hinted at upcoming developments within the Shiba Inu ecosystem, such as the upcoming launch of TREAT and the highly anticipated global “treat yourself” tour, as reported by Crypto News Flash.

Kusama wrote:

We still have a long way to go to complete this system as a whole, and we are finalizing partnerships to ensure the full power of the system we have created.

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