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Shiba Inu witnesses an astronomical spike in large holders inflows, representing one of the highest daily figures in its history.
The broader crypto market has entered a discouraging retracement phase that has triggered massive declines in prices, with Shiba Inu also suffering some of the burns. For context, SHIB collapsed by 9.38% yesterday, Jan. 7, marking its highest intraday loss since Dec. 19, 2024.
Shiba Inu Sees Massive Large Holders Netflow
Despite this bearish phase, on-chain data confirms that the dog-themed meme coin experienced a remarkable event yesterday. Notably, on Jan. 7, 2025, Shiba Inu recorded large holders netflows worth a whopping 33.59 trillion tokens valued at $739 million at current prices.
To put things into perspective, this figure represents about 5.7% of the entire Shiba Inu circulating supply, indicating the magnitude of the accumulation. In addition, the data marks one of the highest large holders inflow figures witnessed by Shiba Inu in all of its history.
For context, until now, daily large holders inflows have averaged 600 billion SHIB over the past few months. Despite occasional spikes, the figure remained below 30 trillion SHIB throughout 2024, with a rare spike recorded on March 2, 2024, when inflows hit a high of 24.79 trillion tokens amid the price rally at the time.
The last time SHIB witnessed a daily large holders inflow above the 30 trillion mark was in July 2021, nearly four years ago. During this period, the Shiba Inu market was relatively newer, and large holders periodically moved large volumes of tokens due to the lower price.
Here’s What Happened
Interestingly, the latest 33.59 trillion inflow figure has triggered speculation around a whale accumulation pattern among market participants. However, previous reports from The Crypto Basic suggest this might not be the case.
Notably, The Crypto Basic confirmed that an in-house fund shuffling from leading crypto exchange Crypto.com contributed to the 33.59 trillion figure. Specifically, Crypto.com alone moved over 32 trillion Shiba Inu tokens across 20 transactions to a single unidentified wallet, triggering the latest spike in large holders inflow.
However, market data indicates that the recent inflow had no effect on Shiba Inu’s price, possibly due to the nature of the Crypto.com transactions. For context, the broader market slump also resulted in a Bitcoin (BTC) drop to $96,000, leading to massive liquidations worth about $627 million in 24 hours.
Of this figure, Shiba Inu liquidation amount accounted for $1.57 million, with most of it, around $1.39 million, belonging to long positions. The SHIB downturn has spilled into today, with the asset down 0.75% this morning, currently trading for $0.00002163.