Main navigation

Large Shiba Inu Holders Witness Jaw-Dropping 923% Surge in SHIB Outflows Overnight

Sun, 07/23/2023 - 14:42
article image
Gamza Khanzadaev
Major SHIB whales unveil Shiba Inu shocker with this move
Large Shiba Inu Holders Witness Jaw-Dropping 923% Surge in SHIB Outflows Overnight
Cover image via

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.

Read U.TODAY on
Google News

According to on-chain data, the outflow of Shiba Inu tokens from the wallets of large holders accelerated rapidly in the 24 hours of Saturday, from 268 million to 2.47 trillion SHIB. The reason for the sudden change is not clear, given that the price of the Shiba Inu token did not show any extraordinary dynamics during the same period.

At the same time, some of the outflowing tokens were counterbalanced by inflows, albeit in less impressive amounts.

Shiba Inu (SHIB) Real-Life Component to Be Presented at Major Conference

SHIB to USD by CoinMarketCap

Shiba Inu whales

It is no secret that the majority of the Shiba Inu token supply, namely 636.42 trillion SHIB, including the burn address, is held in whale wallets, many of which are hot wallets of large centralized exchanges. This resilience in the face of such significant outflows points to the possibility of coordinated efforts by centralized entities, as they shuffled tokens between wallets in an orchestrated manner.

Shiba Inu (SHIB) Chances to Hit $0.000009 Are Solid: Pity Resistance Level

On the other hand, the fact that there is a massive concentration of tokens among a select few wallets raises questions about the impact such holders can have on the Shiba Inu token market.

article image
About the author

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.