According to information from IntoTheBlock, there’s been a significant surge – approximately 475% – over the last 24 hours, in Shiba Inu (SHIB) tokens being transferred out of large holder wallets.
Based on blockchain data, the quantity of Shiba Inu (SHIB) tokens held by addresses controlling at least 0.1% of the circulating supply of this well-known meme cryptocurrency, significantly increased from approximately 223.13 billion SHIB to more than 1.06 trillion SHIB.
In just one day, there was nearly a five-fold increase in Shiba Inu tokens moving to these wallets. However, this surge resulted in a positive netflow, as inflows amounted to 1.44 trillion SHIB, bringing the total to approximately 382.5 billion SHIB. This is an astounding 830% more than the day prior, suggesting that the rate at which the popular meme coin is being transferred to large wallets is significantly increasing.
The increase in transactions from these specific addresses appearing to be selling Shiba Inu coins could be interpreted as a bearish sign, suggesting that large investors (whales) are offloading their SHIB holdings. However, it has been revealed that the majority of Shiba Inu’s circulating supply is currently held by cryptocurrency exchanges. This information, if accurate, significantly alters our interpretation of this on-chain data.
In essence, a rise in Shiba Inu tokens being transferred to large holders could imply that traders and investors are moving their meme coin assets to exchanges, potentially signaling a desire to sell.
Without a doubt, we’re witnessing a rise in whale interactions linked to the Shiba Inu token. This situation benefits both buyers and sellers, but it’s unclear at this time who holds the majority stake. The near future may provide some insights as the SHIB price movements unfold.
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2025-01-14 18:05