There are still traces of whale accumulation in the Shiba Inu (SHIB) market, although the token has been on price correction. The meme-cryptocurrency has dropped declined to the 21-largest digital currency at the time of publication, despite several bullish developments in the ecosystem.
Whales are buying SHIB ahead of recovery
Judging by the performance of SHIB since the past few days, the crypto is looking exhausted and probably set for correction after having peaked over 410 percent in the last 30 days. Although the trading volume is still up by over 35 percent, SHIB has lost about 7.4 percent of its market capitalization within the last 24 hours to $9.7 billion.
Regardless of the correction, Shiba Inu whales and investors are seizing the opportunity to accumulate more tokens at the dip. Some hours ago, a SHIB investor purchased about 74.9 billion SHIB off the dip for $1.9 million.
The whale purchase comes the same day the SHIBOSHI NFTs were launched. Although the NFTs sold out within 35 minutes, the launch made less of the noticeable push to the price of the SHIB. In the long run, however, SHIBOSHI may drive more value growth to the Shiba Inu market, as there are reports that the development team is planning to debut the SHIBOSHI game.
Shiba Inu is gaining more utility
Besides the SHIBOSHI game, SHIB will tap more utility as a payment currency. Already, Shopping.io allows users to shop and checkout using SHIB as payment currency. Recently, crypto payment gateway NOWPayments announced it is adding the Shiba Inu ecosystem tokens – SHIB, LEASH, and BONE – as payment currencies on its network.