Recent days have seen significant whale activity surrounding the Shiba Inu cryptocurrency, affecting the token’s price and the market at large.
Significant Transaction Increase
Large transactions involving the meme token have surged in the past 24 hours, with IntoTheBlock reporting that over 1.62 trillion SHIB have been moved by whales. This represents an increase from $14.94 million to $22.21 million. In total, there have been 58 such transactions of at least $100,000, averaging 27.93 billion SHIB or approximately $382,931 each.
Large Holders Netflow
However, it is important to note the direction of these token movements. Using the Large Holders Netflow metric, it is evident that the balance of inflows and outflows of Shiba Inu in whale wallets has fallen into the negative, from 176.79 billion SHIB to -200 billion SHIB in the past 24 hours. Outflows from whale addresses increased by 74.8%, while inflows decreased by 43.85%, suggesting that Shiba Inu whales are more active in shedding tokens rather than accumulating them.
Market Implications
The potential impact on SHIB’s price remains to be seen, and it is yet uncertain how long this trend will continue among large holders. Such activity could have significant market implications and affect the token’s future value.
Shiba Inu whale activity remains high, potentially impacting the token’s price fluctuations and the overall market in the near future.
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