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The popular Shiba Inu (SHIB) cryptocurrency is seeing disturbing developments in the behind-the-scenes, on-chain reality of the crypto market. According to data from IntoTheBlock, the number of Shiba Inu tokens shipped from wallets by major token holders over the past 24 hours totaled 7.48 trillion SHIB.
By comparison, the previous day's outflow from whale addresses was only 1.05 trillion SHIB, which represents a more than sevenfold increase, or 712.38%.
To clarify, only those addresses that hold at least 0.1% of the circulating volume of the Shiba Inu token are taken into account. Interestingly, the inflow to these wallets also increased during the day, reaching 7.41 trillion SHIB — 89.5% more than the day before.
However, this was not enough for the big buyers to tip the scales to their side, and as a result, the netflow figure for the period under review fell from 2.86 trillion SHIB to -72.77 billion SHIB.
Shiba Inu (SHIB): Price outlook
The reasons for this shift in sentiment can be found on the price chart of the popular meme-inspired cryptocurrency. Over the past day, the price of SHIB fell by 8.24% from the day's high to the day's low, where it stabilized at $0.000023.
However, as can be seen from the chart, whale selling in this zone was due to the threat of a further fall in the price of the token, when it literally came to the brink. In this case, the decision of the majority to get rid of Shiba Inu tokens, which have shown a profitability of almost 80% since the beginning of November, seems natural.
In addition, as a result of the recent rally, the price of SHIB failed to overcome the previous local highs and formed a second tower on the chart, which is also a kind of ominous pattern.