Bitrabo Editorial
Recently, large Shiba Inu investors, often referred to as “whales,” have significantly increased their trading activity. However, this uptick isn’t necessarily positive, as the balance between their purchases and sales indicates potential market shifts. Observing the holdings of these whales reveals whether the increased activity comes from buying or selling.
Surge in SHIB Whale Activity
Data from IntoTheBlock’s platform shows a notable rise in Shiba Inu whale transactions, particularly over the past week, with activity continuing into the new week. These transactions involve amounts of $100,000 or more, signifying significant investors. On Sunday, whale transactions exceeded 1.62 trillion SHIB, valuing around $22.21 million at current rates.
This represents a 60% increase from the previous day’s figure of 1.07 trillion SHIB, which amounted to $14.94 million. This trend indicates that Shiba Inu whales are making substantial transactions despite the overall decline in the coin’s price.
Increased whale involvement can significantly impact the cryptocurrency market, but the effect can vary. Whale activities, such as moving SHIB tokens to exchanges or away from them, will influence price trends either positively or negatively.
Currently, the outlook for the Shiba Inu price seems to lean toward a downturn. While there’s a noticeable inflow of SHIB into whale wallets, indicating purchases, the greater volume of outflows suggests more selling is occurring.
Shiba Inu Whales Are Exiting Positions
According to the Large Holder Inflow and Outflow data from IntoTheBlock, selling appears to dominate whale activity. The inflow statistics indicate the amount of SHIB entering large holders’ wallets, while the outflow data reflects the SHIB moving out of their control, signaling selling activity.
On Sunday, approximately 240.85 billion SHIB were deposited into these wallets. However, outflows surpassed this, with 440.84 billion SHIB exiting their wallets, indicating a net selling behavior among whales.
The net flow total reached -199.99 billion SHIB, signaling a clear inclination towards selling. If this trend persists, it could intensify selling pressure on Shiba Inu’s price, which is already facing challenges due to the broader downward trend in the cryptocurrency market.