While the market as a whole rose today, meme coins also followed the suit. Shiba Inu is up 8.1 percent today, reversing the downward trend it experienced over the previous week and protecting the meme coin from disproportionate losses. While this may have temporarily made investors happy, SHIB is yet to experience growth as it is currently trading at the same price of $0.000012 as it did during the nearly 60% drop in April and May.
Whalestats reports that Ethereum (ETH) whales have been purchasing SHIB. 334 billion SHIB tokens were purchased in a volume as high as $3.54 million throughout the course of the final 24 hours of July 27.
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Source: https://coinpedia.org/altcoin/eth-whales-double-down-shib-accumulation-technicals-hints-at-bearish-scenario/