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The popular meme-inspired cryptocurrency, Shiba Inu (SHIB), continues to experience significant disruptions both on the price chart and behind the scenes in the on-chain realm. For example, the latest episode of SHIB's misadventures was an unprecedented 99.5% drop in bullish whale activity on the Shiba Inu token.
As recently as 48 hours ago, the net inflow of tokens into the wallets of investors holding at least 0.1% of SHIB's outstanding supply rose from 60.75 billion tokens to 2.97 trillion. Today, however, the metric collapsed to 14.8 billion tokens, which is this week's low, according to IntoTheBlock.
If we dive into the details, we can see that the value of outflows from the wallets of Shiba Inu token holders did not change much for the period under review.
Arman ShirinyanHowever, the number of inflows experienced significant jumps, first growing by almost three trillion SHIB per day, and then collapsing to 760.82 billion tokens.
Interestingly, during the period when the Shiba Inu token was experiencing this significant influx at whale addresses, the price of SHIB increased by over 6%. However, when the picture on net flows stabilized, the token quotes did not experience significant pressure but cooled down, today trading with a minimal decline of 2.32%.
Gamza KhanzadaevConsidering that the 99.5% drop in net flows was due to the deflation of the anomalous surge in inflows, and not an increase in outflows from whales, we can say that the situation for Shiba Inu is good, and moreover, there are some interested large investors who can buy the token at $66 million per day.
As for the price of the Shiba Inu token, it is also not threatened by a serious collapse due to the lack of serious selling by major investors.
Arman Shirinyan
Godfrey Benjamin
Dan Burgin
Alex Dovbnya