SHIB Market Surge Led by Whale Investors, ETF Approval Boosts Sentiment

IconCryptoNewsTerminal Staff29 May, 2024

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SHIB Market Surge Led by Whale Investors, ETF Approval Boosts Sentiment

Whales are accumulating Shiba Inu (SHIB), signaling a potential market rally. Cryptobasic reported that memecoin whales are transferring funds from PEPE to SHIB. Adding to the bullish sentiment is the SEC's approval of an Ethereum (ETH) spot ETF. This raises expectations for a potential SHIB spot ETF, boosted by Grayscale's petition nearing 10,000 signatures. Furthermore, SHIB on-chain transaction volume has surged, with a low number of transactions indicating large-scale whale activity. Overall, these signals suggest that whales are driving SHIB's recent bullish trend. ```