Shiba Inu (SHIB) Witnesses Epic 1,510% Growth of Key Metric, But There’s a Catch

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As a seasoned researcher with extensive experience in the cryptocurrency market, I find this sudden surge in Shiba Inu’s (SHIB) Large Holders Outflow metric quite intriguing. The 1,510% increase within just 24 hours is an astounding figure that demands attention.

I’m thrilled to share some exciting news as a crypto investor. In an unexpected twist, Shiba Inu (SHIB), the popular meme cryptocurrency, has seen a remarkable increase in a significant on-chain indicator during the past day alone.

Based on data obtained from IntoTheBlock, I’ve discovered that the Large Holders Outflow metric experienced a remarkable increase from 60.44 billion SHIB to an astonishing 967.33 billion SHIB. This represents a staggering surge of approximately 1,510%.

The Large Holders Outflow metric is useful for monitoring the transfer of significant amounts of cryptocurrency from addresses controlled by major investors or whales, who collectively possess over 0.1% of the total circulating supply. Sudden spikes in outflows may serve as a warning sign, suggesting possible mass selling driven by fear.

Shiba Inu (SHIB) Witnesses Epic 1,510% Growth of Key Metric, But There's a Catch

An alternative interpretation is that this could represent substantial sales on trading platforms, historically considered a bearish indicator.

What does it mean for Shiba Inu (SHIB) price?

The increase in withdrawals could be signs of different things. For instance, it might mean that big investors are selling off their assets due to market instability to adjust their portfolios and avoid forced sales.

Shiba Inu (SHIB) Witnesses Epic 1,510% Growth of Key Metric, But There's a Catch

In contrast, the withdrawal of funds from cryptocurrency exchanges, which typically store large quantities of digital currencies, could be interpreting as a sign of something different. This might be hinting at a change in trading tactics or the feelings of investors towards the market.

Although there was a significant increase in the outflow metric during this time, Shiba Inu‘s price saw only a slight decrease of 1.63% over the same duration. This decline seems insignificant given the cryptocurrency’s robustness, as it quickly regained ground and surged by 3% within just one day.

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2024-05-15 15:51