A startling upsurge in significant transactions has lately been observed in the Shiba Inu token (SHIB), leading to a massive $8 million gain in only one day. Data from IntoTheBlock shows that the number of significant SHIB transactions more than quadrupled on Monday, adding to a total of $15.72 million. This spike represents an amazing 1.02 trillion SHIB in terms of tokens, raising the overall amount of tokens involved to 2.03 trillion.
While at first glance these numbers might seem encouraging, a deeper look shows a startling twist that might damper the enthusiasm of regular Shiba Inu token holders.
The twist
The number of withdrawals from the wallets of influential Shiba Inu holders also increased noticeably at the same time as the spike in big transactions. In stark contrast to the previous day’s outflow of 144.6 billion tokens, which was almost six times smaller, yesterday saw an astounding withdrawal of 901.4 billion SHIB from these wallets.
Although there was also a rise in inflows, there were two significant differences between these patterns. First, the inflows, which totaled 269.36 billion SHIB, were comparatively negligible. Second, it is conceivable to trace these inflows to exchanges, signalling probable selling activity, given the concentration of tokens within big exchange wallets.
The increase in big SHIB transactions is better understood in light of these figures. At first look, it could appear to be a good thing, however the huge withdrawals from the wallets of prominent SHIB investors raise questions about the motivations behind these transactions. It implies a potential pattern of profit-taking by these whales, which may have a significant effect on the general market perception of SHIB.
