As a seasoned crypto investor with scars from more than a few market rollercoasters, I must say that the recent escalation of Shiba Inu whale activities has me feeling a mix of excitement and apprehension. The exponential rise in their volumes is undeniably captivating, but the direction these large investors are moving seems to be more reminiscent of a game of Jenga than a bull run.
Lately, major Shiba Inu investors (often referred to as “whales”) have significantly increased their activity levels, with their transactions skyrocketing. Yet, this surge isn’t necessarily something to cheer about, considering the strategies these big fish have adopted. This is evident when comparing the incoming and outgoing investments of these Shiba Inu whales, which indicate whether their volume boost is due to buying or selling.
SHIB Whale Volumes Balloon
As reported on IntoTheBlock’s website, significant transactions by Shiba Inu “whales” have been prevalent over the past week and persist into this new week. These “whale” transactions refer to those involving $100,000 or more, thereby categorizing them as large-scale investors. On Sunday, whale volumes surged beyond 1.62 trillion SHIB, equating to approximately $22.21 million at current market prices.
The numbers show an approximately 60% surge compared to the 1.07 trillion SHIB, equivalent to $14.94 million, noted the day prior. This implies that significant transactions involving Shiba Inu are taking place, despite the meme coin’s price remaining relatively low.
Naturally, more involvement from whales can be significant for the digital asset, although the impact can swing either way. Depending on whether the whales are moving their Shiba Inu tokens to exchanges or moving them out of exchanges, it can determine if the price will go up or down.
For this current period, it seems that the Shiba Inu’s price might trend downwards. The reason being, despite noticeable increases in funds moving into large investor wallets (indicating purchases), there has been a higher volume of withdrawals compared to deposits.
Shiba Inu Whales Are Selling
As a crypto investor in Shiba Inu (SHIB), I’ve been observing some interesting trends based on IntoTheBlock’s Large Holder data. The inflow data suggests that larger SHIB holders are buying, indicating accumulation of the token. On the flip side, the outflow data indicates selling activity among these same large holders, suggesting they might be offloading their SHIB. This could mean a potential shift in sentiment or strategy among whales, which I’m keeping a close eye on.
On Sunday, it’s indicated that a total of 240.85 billion SHIB were transferred into the wallets belonging to these large investors (whales). Nevertheless, the data on outflows reveals that they subsequently moved out 440.84 billion SHIB from their wallets. This trend implies that these whales are offloading more SHIB than they’re acquiring.
The sum total of net outflow for Shib reached approximately -199.99 billion SHIB, implying these large investors are leaning more towards selling. If this pattern persists, it might intensify the selling influence on Shiba Inu’s price, which is already under pressure due to the bearish tendency in the overall crypto market.
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2024-09-16 10:11