In notable whale activity, major holders of meme-inspired cryptocurrency Shiba Inu (SHIB) have ignited on-chain fireworks with a staggering increase in their holdings. Data from IntoTheBlock reveals that these heavy hitters accumulated a jaw-dropping 2.85 trillion tokens in the span of just 24 hours.
The surge is particularly notable in light of the Large Holders Inflow metric, which indicates a 208% spike from the previous day's holdings, reaching a colossal 1.37 trillion tokens. This influx translates to a staggering estimated value of $66.98 million flooding into the wallets of these crypto whales.
Twist
However, the plot thickens as it emerges that this surge in accumulation comes hand in hand with a significant outflow. During the same period, these deep-pocketed SHIB investors offloaded over three trillion tokens. This hefty disposal outweighed accumulation, leaving a net decrease of 150 billion Shiba Inu tokens over the past 24 hours.
The trend is underscored by the Large Holders Outflow metric, which soared by over 300% during this period, indicating a heightened rate of outflows compared to inflows. Consequently, the Large Holders Netflow indicator dipped into negative territory, signaling potential turbulence ahead for the popular cryptocurrency.
Despite this setback, on-chain data suggests that Shiba Inu typically does not linger in the negative zone for long. The question now looming over the SHIB community is whether the flurry of activity from bullish whales is anticipated or a potential shift in the market dynamics toward outflows is more likely.
Tomiwabold Olajide
Yuri Molchan
