Shiba Inu Whale Panic? 712% Surge in Token Sales Sparks Market Worry

Shiba Inu whales made waves with a 712% surge in token outflows, unloading 7.48 trillion SHIB in 24 hours. The dramatic activity coincided with an 8% price drop, leaving traders on edge about the cryptocurrency's next move.

Whale Activity Spurs 712% Spike in Shiba Inu Token Outflows

In the hidden world of the cryptocurrency market, there have been some concerning developments involving the popular Shiba Inu (SHIB) coin. The amount of Shiba Inu tokens sent out from wallets by large token holders in the last 24 hours amounted to 7.48 trillion SHIB, as reported by IntoTheBlock.

This is in stark contrast to the 1.05 trillion SHIB that was expelled from whale addresses the day before, an increase of over seven times, or 712.38%.

Just so there's no confusion, we're only considering addresses that have 0.1% or more of the Shiba Inu token in circulation. Surprisingly, the amount of money flowing into these wallets also rose over the day, hitting 7.41 trillion SHIB, an increase of 89.5% compared to the previous day.

The netflow statistic for the period under review dropped from 2.86 trillion SHIB to -72.77 billion SHIB, however, this wasn't enough to sway the big buyers.

Shiba Inu Price Plummets as Whale Selling Intensifies

The price chart of the famous meme-inspired cryptocurrency reveals the reasons behind this change in mood. From its high point to its low point, where it steadied at $0.000023, the price of SHIB declined 8.24% throughout the past day, U.Today reports.

Nevertheless, the data clearly shows that whale selling in this zone was prompted by the fear of a further decline in token price, just as it was about to happen. The majority's choice to dump Shiba Inu tokens, which have generated nearly 80% profit since November 1st, makes sense in this context.

Second Tower Formation Raises Alarm for Shiba Inu Investors

Another concerning development is that SHIB's price, despite the recent surge, has not been able to break through the prior local highs, resulting in the formation of a second tower on the chart.

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