A significant shift is rippling through the Shiba Inu token's ecosystem, as a stunning influx of over a trillion tokens swells the wallets of major holders. On-chain metrics, provided by IntoTheBlock, reveal an intriguing trend that could spell turning tides for SHIB, the popular cryptocurrency.
Godfrey BenjaminIn the span of just 24 hours, the quantity of SHIB tokens flowing into the accounts of key stakeholders surged by an astonishing 160 billion, propelling the total to a staggering 1.47 trillion SHIB. On the contrary, outflows from these same large addresses experienced a sharp drop, sliding to 292 billion SHIB. As a net result, an impressive sum of 1.18 trillion SHIB tokens amassed in the so-called whale wallets.
At first glance, this data paints a promising picture for SHIB enthusiasts. Yet, delving into the dynamics of these SHIB whales uncovers a rather intriguing revelation. Factually, the majority of these whales are hot wallets affiliated with exchanges and various crypto trading platforms.
In, not out
Unpacking this revelation, the surge in inflows to whale addresses appears to be driven by SHIB token holders depositing their assets onto exchanges. In the world of crypto, this maneuver signifies a selling event, casting a shadow of negativity on the horizon. Moreover, the dip in outflows from these whale accounts signifies a reduction in investors pulling their Shiba Inu tokens from such platforms.
Gamza KhanzadaevWhat seemed like a bullish surge, thus, has become a thought-provoking revelation. While over a trillion Shiba Inu tokens flood into the addresses of large holders, the underlying story whispers a tale of tokens migrating to trading platforms, a phenomenon typically tied to bearish sentiment.
Godfrey Benjamin
Alex Dovbnya
Dan Burgin
Vladislav Sopov