Shiba Inu (SHIB) Nears 2 Trillion, But There's a Catch

The volume of large transactions involving the Shiba Inu token has increased by 36.6% over the past 24 hours, as seen on IntoTheBlock. It is necessary to mention that large transactions are those no less than $100,000.

In the past day, the turnover of such large transfers amounted to 1.8 trillion SHIB. In dollar terms, it was characterized by an increase from $20.81 million to $26.39 million. 

Related

Tue, 08/27/2024 - 13:08

SHIB Burn Rate Collapses, Here's What's Happening on Shibarium

Yuri Molchan

Interestingly, the total number of such large transactions in a given period has decreased and amounted to 66. This means that on average each of them amounted to 27.27 billion SHIB, or almost $400,000, which is four times more than necessary to make a cut. 

At first glance, such a development seems bullish as whales increase their presence with the Shiba Inu token. 

The catch

However, this may not be the case, as evidenced by data on inflows and outflows from the wallets of major SHIB holders. For example, in the last 24 hours, inflows to wallets holding at least 0.1% have increased from 378.13 billion SHIB to 464.22 billion SHIB. At the same time, the outflows also increased, from 311.76 billion SHIB to 599.26 billion SHIB. 

As a result, the net flow decreased from 66.37 billion SHIB to -135.04 billion SHIB. This means that whales are unloading more Shiba Inu tokens than they are buying. 

Related

Tue, 08/27/2024 - 10:37

1.8 Trillion Shiba Inu in 24 Hours: SHIB Enters Uptrend

Arman Shirinyan

Thus, although whales' activity is increasing, it is more bearish than bullish. The consequences of such a sentiment shift can already be seen on the price chart of the popular meme-inspired cryptocurrency. 

But how long will it last?