The latest data from IntoTheBlock shows that large-scale transactions in Shiba Inu (SHIB) have increased by over 361% in the past 24 hours. The number of transactions in USD went from $10.95 million to $39.6 million, with the total amount of SHIB going from 628.55 billion to 2.34 trillion tokens.
This is a pretty big jump in SHIB activity among big holders, who made 147 transactions over $100,000 in the indicated time period.
This surge in major SHIB transactions suggests that major investors, also known as “whales,” are getting more interested. This does make one wonder why these moves are happening in the popular meme-based cryptocurrency right now.
When whales are active, it can mean they are building up their holdings or getting ready to sell. Either way, it will have an impact on the price performance of the Shiba Inu token.
Unfortunately for SHIB fans, the inflow and outflow trends suggest a bearish undertone to this activity. During the period we reviewed, the Large Holders Netflow metric went from a positive inflow of 79.95 billion SHIB to a negative outflow of 575.3 billion SHIB.
This change in netflow shows that large holders may be selling SHIB instead of buying it.
In short, the sudden spike in SHIB whale transactions reflects the bearish nature of these movements based on current on-chain data. It seems that large players are moving SHIB holdings out of their wallets rather than accumulating, which raises questions about the possibility of anything bullish for SHIB in the foreseeable future.
