Shiba Inu (SHIB) Nears 2 Trillion, But There’s a Catch

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As a seasoned crypto investor with a knack for deciphering market signals, I find myself intrigued by the recent developments surrounding the Shiba Inu token. The surge in large transactions, as reported by IntoTheBlock, is indeed an interesting development. However, my spidey senses are tingling due to the discrepancy between the increase in transaction volume and the net flow of SHIB from major holders’ wallets.

Over the last 24 hours, there’s been a significant jump of approximately 36.6% in the number of substantial Shiba Inu token transactions, each worth at least $100,000, according to IntoTheBlock data.

Yesterday saw a massive flow of Shiba Inu (SHIB) transfers totaling approximately 1.8 trillion dollars worth. This significant movement represented an uptick in value from around $20.81 million to $26.39 million in U.S. currency terms.

As an analyst, I’ve noticed an intriguing trend: the total count of substantial transactions within a specific timeframe has dropped to approximately 66, implying that each transaction averaged around 27.27 billion SHIB, which is roughly $400,000. This figure represents a fourfold increase over what’s deemed necessary for a significant reduction.

Shiba Inu (SHIB) Nears 2 Trillion, But There's a Catch

Upon initial observation, this growth appears optimistic as I notice whales showing increased interest in the Shiba Inu token.

The catch

However, this may not be the case, as evidenced by data on inflows and outflows from the wallets of major SHIB holders. For example, in the last 24 hours, inflows to wallets holding at least 0.1% have increased from 378.13 billion SHIB to 464.22 billion SHIB. At the same time, the outflows also increased, from 311.76 billion SHIB to 599.26 billion SHIB. 

Shiba Inu (SHIB) Nears 2 Trillion, But There's a Catch

Consequently, the total amount of Shiba Inu tokens moving out increased significantly, reaching approximately -135.04 billion SHIB, while the tokens coming in were only 66.37 billion SHIB. This suggests that large investors (whales) are selling more Shiba Inu coins than they’re purchasing currently.

Although whale activity is growing, this trend appears to be leaning more towards a downturn rather than an upturn. The impact of this change in sentiment is already visible on the price graph of the well-known meme-based cryptocurrency.

But how long will it last?

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2024-08-27 17:43