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In a dramatic overnight shift, Shiba Inu whales transferred 1.62 trillion SHIB, causing whale outflows to surge by 74% and netflow to drop by 200 billion tokens. The increase in token removal casts uncertainty on SHIB's price trajectory.
Whales Transfer 1.62 Trillion SHIB Overnight
Whale activity behind the Shiba Inu on-chain has increased in SHIB, a famous meme-inspired cryptocurrency.
More specifically, whales have been moving more than 1.62 trillion SHIB in the last 24 hours, according to IntoTheBlock, a statistic that reflects the rise in huge transactions involving the meme coin. The monetary value goes up from $14.94 million to $22.21 million as a result of this.
58 High-Value Deals Over $100,000 Occur
The number of these deals for more than $100,000 has increased to 58 in the last 24 hours. The average size of such a transaction was little over $382,931 (or 27.93 billion SHIB) when the volume was taken into consideration. This indicates that yesterday's average size of a big Shiba Inu token transaction was nearly four times the norm.
More specifically, U.Today elaborates on the fact that the direction in which these tokens were flowing most of the time is the catch.
Negative 200B SHIB Netflow Raises Alarms
Over the previous 24 hours, the Large Holders Netflow indicator has dropped into the negative zone, going from 176.79 billion SHIB to -200 billion SHIB. This measure represents the change in the balance of inflows and outflows of Shiba Inu tokens in the wallets of large holders.
When we delve further, we find that the outflow of direct SHIB from whale addresses went up by 74.8%, and the influx went down by 43.85%. Consequently, Shiba Inu whales' activity has increased precisely along the metric of token removal, not addition.
We don't yet know how this will influence SHIB prices or how long this trend will last among big holders.
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