u.today
Another day, another twist regarding Shiba Inu (SHIB), a popular meme-inspired cryptocurrency. This time, behind the Shiba Inu on-chain backstage, an increase in whale activity has been seen.
In particular, large transactions involving the meme token have seen an increase, with IntoTheBlock reporting that over 1.62 trillion SHIB have been moved by whales in the past 24 hours. In monetary terms, this represents an increase from $14.94 million to $22.21 million.
Over the past day, there have been 58 such transactions of at least $100,000. Taking into account the volume moved, we can say that the average size of such a transaction was 27.93 billion SHIB, or just over $382,931. This means that the average size of a large transaction in the Shiba Inu token last day was almost four times the norm.
The catch
The catch, however, is the direction in which these tokens were predominantly moving. Using another metric — Large Holders Netflow, which shows the change in the balance of inflows and outflows of Shiba Inu tokens in the wallets of large holders — we can see that over the past 24 hours it has fallen into the negative zone, from 176.79 billion SHIB to -200 billion SHIB.
Digging deeper, we can see that directly SHIB outflows from whale addresses increased by 74.8%, while inflows decreased by 43.85%. Thus, it can be said that Shiba Inu whales have grown in their activity exactly in the parameter of getting rid of tokens, not adding them.
It remains to be seen how this will affect the price of SHIB, and to what extent this trend will continue among large holders.