Emily Walker
Shiba Inu whales are back, engaging in substantial transactions totaling millions of dollars. Recent on-chain data shows that these large investors have transferred an astonishing 15.1 trillion SHIB tokens in just one day. This noteworthy movement occurs during a market downturn, prompting speculation on whether these large holders are gearing up for a price increase in SHIB.
Massive Transactions: 15 Trillion SHIB Moves
Insights from IntoTheBlock indicate that prominent Shiba Inu token holders, known as whales, have completed another significant transaction. In the last 24 hours, they transferred 15.1 trillion SHIB tokens, valued at about $253.05 million.
This noteworthy transaction has attracted market attention, as the activities of whales can significantly affect market sentiment and influence price trends. On February 2, Shiba Inu whales moved 4.3 trillion SHIB tokens, worth $66.22 million, which was notably higher than the previous day’s transaction of 1.5 trillion SHIB recorded on February 1.
Recently, Shiba Inu whales ramped up their transactions with a remarkable transfer of 15.1 trillion SHIB, reflecting an increase of 10.8 trillion SHIB from the previous day’s 4.3 trillion SHIB transfer.
Interestingly, this spike in whale activities coincides with a significant market downturn following US President Donald Trump’s trade conflict with other nations, resulting in substantial declines in the crypto market. Major cryptocurrencies like Bitcoin and Ethereum have suffered notable losses, with BTC dropping below $100,000 and ETH falling below $3,000.
During this chaotic market environment, Shiba Inu has also felt the impact. Data from CoinMarketCap shows that SHIB has experienced a 20% decline over the past week, leading to new lows. Although it has recovered slightly with a 6.4% increase in the last 24 hours, the overall trend suggests continued bearish pressure.
In the midst of this downturn, IntoTheBlock reports a staggering 553.59% surge in large holder inflows over the last week. On February 2, large-scale SHIB holders acquired 1.27 trillion SHIB, and their buying activity dramatically escalated the following day with the purchase of 6.51 trillion SHIB.
However, along with the increase in whale inflows, there has also been a substantial rise in outflows. According to ITB, whale outflows surged by 1,290% in the last week, with 967.25 billion SHIB moved on February 2. The trend continued into the next day, when whales transferred an impressive 6.5 trillion SHIB, a variation of over 5.5 trillion SHIB compared to the day before.
Are SHIB Whales Anticipating a Market Rally?
While significant transactions can sway market dynamics, it remains to be seen whether the uptick in Shiba Inu’s whale activities indicates an upcoming price rally. Data from CoinMarketCap suggests that Shiba Inu might be showing early signs of recovery from its recent slump, potentially fueled by the influx of whale transfers.
Despite this minor rebound, Shiba Inu’s price is still considerably lower than its peak in 2024, which was over $0.00002. Currently, the meme coin is trading at $0.000015, illustrating a significant depreciation due to downward market trends and shifts in investor attitudes. Furthermore, SHIB’s trading volume has decreased by 38.7% in the last 24 hours, now at $874.2 million.