Shiba Inu (SHIB) Witnesses 830% Explosion in Whale Activity, But Who Controls Flows?
Gamza Khanzadaev 830% whale explosion hits popular meme coin Shiba Inu (SHIB) and prompts one crucial question — Is it bullish surge or bearish pressure? Cover image via www.freepik.com As became known thanks to data from IntoTheBlock, the amount of Shiba Inu (SHIB) tokens outflowing from the wallets of large holders in the past 24 hours skyrocketed by a staggering 475%.According to on-chain data, the amount of SHIB, which left the addresses controlling no less than 0.1% of the circulating supply of the popular meme cryptocurrency, soared from 223.13 billion SHIB to over 1.06 trillion SHIB. Related Despite an almost five-fold increase in just a course of a day, the netflow of Shiba Inu tokens to these wallets remained positive as the inflows totaled 1.44 trillion, which brings the net figure to 382.5 billion SHIB. This is, by the way, almost 830% more than the day before, which is a clear indication that flows of the meme coin to the biggest wallets is accelerating. Source: IntoTheBlockOne can see the growth of outflows from these addresses as bearish, meaning that whales are getting rid of their SHIB holdings. However, it recently became known that most of the Shiba Inu circulating supply is held by the exchanges. Such a suggestion, if true, puts this on-chain data into a whole other context. Related Thus, the growing netflows of SHIB to so-called "large holders" may be viewed as traders and investors depositing their meme coin holdings to exchanges, which in its turn may mean an intention to sell. One thing is for certain — there is an increase in whale activity with the Shiba Inu token. It is for both buyers and sellers. However, who is prevalent remains an open question. Perhaps the truth will be foretold by the price action of SHIB in the coming days. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. About the author Gamza Khanzadaev Financial analyst, trader and crypto enthusiast. Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management. He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain. Related articles