SHIB Whales Make a Splash, 400% Surge in Token Activity

Large SHIB token transactions have increased by an incredible 400% recently, experiencing a staggering 4x surge in token outflows within just 24 hours. This extraordinary action has sparked discussions about the possibility that the crypto “whales” are awakening and becoming more noticeable in the market.

Whales Move Big, Daily Inflows Drop

According to recent data from IntoTheBlock, the transfer of SHIB tokens from the wallets of major holders surged from 53.81 billion to 208.28 billion SHIB in a single Saturday, with little impact on the token’s price.

The same data showed that daily inflows into these whale wallets fell significantly, dropping from 4.66 trillion tokens to a mere 271.32 billion within the same timeframe. This sharp contrast between outflows and inflows has led experts to speculate about the reasons behind these surprising changes.

Meanwhile, one of the possible reasons for this sudden decrease could be the recent baseless speculation concerning Bitcoin’s acceptance as a spot Exchange Traded Fund (ETF). This incorrect rumour about Bitcoin had a ripple effect, impacting other altcoins just as it did with SHIB’s price.

Real Owners of Shiba Inu 

The true owners of Shiba Inu tokens are primarily large centralized exchanges, holding approximately 623 trillion SHIB, including the burn address. The stability of SHIB’s price despite substantial outflows suggests coordinated actions by these centralized entities.

Meanwhile, their increased participation may have various motivations, including pursuing substantial profits, adjusting their investment portfolios, or taking positions in specific markets. Given their capacity to influence supply and demand dynamics, their entry or exit can significantly impact market sentiment.

However, the fact that SHIB’s price remained relatively steady despite these substantial outflows raises questions about the potential influence of these large holders on the market. 

The concern here is that the actions of these whales could potentially introduce uncertainty into the future of the Shiba Inu market.