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Shiba Inu (SHIB) Key On-Chain Metric Rockets 210% in Stunning Overnight Surge

Thu, 09/14/2023 - 14:30
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Gamza Khanzadaev
Major SHIB holders' actions cause controversy as key Shiba Inu metric goes parabolic
Shiba Inu (SHIB) Key On-Chain Metric Rockets 210% in Stunning Overnight Surge
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Behind the scenes of the Shiba Inu token (SHIB), a noteworthy surge of activity has emerged, closely tied to the actions of major token holders, often referred to as "whales" in the crypto community.

Shiba Inu (SHIB) Whales Went to Sleep: Here's Why It Might Be Positive Thing

Data from IntoTheBlock reveals a remarkable 210% increase in SHIB outflows from whale wallets over the past 24 hours. The exodus of Shiba Inu tokens from these wallets increased by 216.45 billion SHIB, which is 210% more than the day before. In total, 425.7 billion Shiba Inu tokens flowed out from such wallets during the period under review, equivalent to almost $3 million.

Source: IntoTheBlock

What adds an interesting twist to this story is the nature of these major SHIB holders, primarily centralized exchanges and trading platforms. The top five largest known SHIB addresses include a burn address, Cryptocom exchange, two addresses belonging to Binance and one in the possession of Robinhood.

Robinhood's Epic Shiba Inu Haul: Nearly 1 Trillion SHIB Added in September

Traditionally, outflows from large wallets are seen as bearish signals, indicating selling pressure. However, given that the primary SHIB holders are exchanges and platforms, their outflows may actually indicate increased buying activity, a positive sign for the token.

Pivotal question

The crux of the matter lies in deciphering the purpose behind this whale movement: is it a concerted effort to offload holdings, or conversely, a sign of substantial purchases? The answer to this question holds the key to SHIB's future price trajectory.

As the SHIB community closely monitors these developments, all eyes are on the Shiba Inu price chart to uncover the true implications of this on-chain surge.

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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.