A significant transfer of 4.5 trillion Shiba Inu tokens, equivalent to $31.6 million, was recently spotted by Whale Alert as it moved between unknown wallets.
The price of the SHIB token is down 2.3% over the past 24 hours, according to CoinGecko data.
A peek into Shiba Inu's whale dynamics
According to data from IntoTheBlock, SHIB's large holders continue to dominate a significant portion of the token's circulating supply.
There are currently 12 whale addresses, each holding more than 1% of the circulating supply, combining to a staggering 63.48% or 623.48 trillion SHIB.
In contrast, there are 47 "investor" addresses, each holding between 0.1% and 1.0% of the supply, accounting for 14.22% or 139.68 trillion SHIB.
Such concentrated ownership often means that large transactions, like the one observed, can have ripple effects across the market.
The recent inflow and outflow activity among large holders indicate a significant spike in interest, with inflows increasing by 1201.01% in the past seven days alone. Conversely, outflows saw a decrease of 28.61% during the same period.
Shiba Inu's price performance
When it comes to Shiba Inu's recent price performance, SHIB is currently trading at $0.00000692 after experiencing a 2.4% drop.
Despite its modest market rank at #19, its market cap stands robust at over $4 billion, with a 24-hour trading volume nearing $93 million.
However, as always with the cryptocurrency market, volatility is a constant companion. The recent whale activity shows that retail investors and traders should exercise caution.