In an astonishing turn of events, Shiba Inu (SHIB) has experienced an unprecedented surge in token outflows, spiking by an astounding 3,033% within a mere 24-hour period.
Data from IntoTheBlock has revealed a staggering increase in tokens flowing out of the wallets of major holders, skyrocketing from 16.87 billion to an astonishing 511.37 billion SHIB overnight.
Simultaneously, a sharp decline in daily inflows to these whale wallets was observed, plummeting from 4.59 trillion tokens to a meager 262.41 billion in the same time frame, intensifying the intrigue surrounding this unusual activity.
However, these numbers gain significance when viewed in the context of the cryptocurrency market, specifically the token's price. A notable surge occurred late last night and early this morning, triggering an extraordinary pump in Bitcoin quotes and subsequently rippling through the entire crypto market.
Bitcoin achieved yearly highs at $36,000, mirroring the bullish sentiment that reverberated in the Shiba Inu market. SHIB reached a peak price of $0.0000073, a level not seen in the past two months of the autumn season.
Two scenarios
The confluence of this substantial price increase in Shiba Inu and the abnormal outflows from major SHIB holders' wallets leaves the crypto community speculating about the underlying reasons.
Two plausible scenarios emerge: first, large holders or whales may have strategically utilized this price surge to divest their SHIB holdings. Alternatively, outflows from whale wallets could be linked to the withdrawals of Shiba Inu tokens from large centralized exchanges and platforms.
It is widely known that a majority of significant SHIB holders are centralized entities, further deepening the mystery surrounding this unprecedented whale activity.