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A dormant Shiba Inu whale has withdrawn 220 billion SHIB, valued at approximately $4.63 million, from Binance after a five-month period of inactivity.
Shiba Inu’s performance in December has been predominantly bearish, with the token experiencing a notable 25% decline over the month. Despite a 5% surge in the past 24 hours, SHIB’s price has struggled to recover from sustained losses.
Meanwhile, the recent uptick has largely wiped out the weekly loss, now at a 0.54% dip, but a broader two-week analysis revealed a 7.7% drop. These downward trends coincided with significant whale activity and a major outflow from Binance, raising concerns about SHIB’s distribution patterns.
Shiba Inu Whale Activity Highlights Major Outflow
Recent data from Lookonchain revealed that a dormant Shiba Inu whale, identified by address 0xBf93560b1a6075…, reactivated after five months. The whale executed a substantial withdrawal of 220 billion SHIB, valued at approximately $4.63 million, from Binance.
Previous transactions involving the same whale recorded 146 to 151 days ago showed notable inflows and outflows. On day 146, the whale received 65.28 billion SHIB and subsequently transferred 1 million SHIB out. Similarly, on day 151, the whale received 64.52 billion SHIB.
Sustained Outflows Reflect Distribution Trends
Further analysis from IntoTheBlock underlined a persistent pattern of outflows from large holders, correlating with SHIB’s declining price. The past seven days alone recorded a staggering 627.85% increase in outflows, suggesting heightened distribution activity by major stakeholders.
Over the last month, outflows rose by 121.61%, while the 90-day data reflected a sustained 108.23% increase in such transactions.
The consistent outflows suggest reduced confidence among large holders or potential reallocation of funds. Large outflows can create selling pressure, contributing to the token’s declining price.
Shiba Inu Burn Efforts Achieve Milestone
Amid declining prices and outflows by whales, the Shiba Inu community achieved a milestone in token burning in 2024. According to Shibburn, the ecosystem incinerated 44.6 billion SHIB over the year, valued at approximately $991,090 based on current prices. Notably, these burns occurred at various price points, making the actual valuation of the burned tokens fluctuate.
December alone accounted for the destruction of over 2.67 billion SHIB through 143 transactions, continuing the community’s consistent burn efforts.