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Over Trillion Shiba Inu Tokens Flood into Whale Wallets, But There's a Surprising Twist

Fri, 08/25/2023 - 12:30
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Gamza Khanzadaev
Shiba Inu whales amass over one trillion SHIB overnight, yet an unexpected twist emerges
Over Trillion Shiba Inu Tokens Flood into Whale Wallets, But There's a Surprising Twist
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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.

Millions of SHIB Set Ablaze, Will Price Recover?

In 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.

Source: IntoTheBlock

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.

Jaw-Dropping 74% of Shiba Inu (SHIB) Holders Suffer Losses Amid Shibarium Outage

What 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.

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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.