On-chain data shows that the amount of Shiba Inu tokens leaving major holders’ wallets increased quickly over the course of Saturday’s 24 hours, from 268 million to 2.47 trillion SHIB. Given that the price of the Shiba Inu token did not exhibit any unusual dynamics throughout the same period, the cause of the abrupt change is unclear.
At the same time, some of the tokens that were leaving the system were somewhat offset by tokens coming in, albeit in smaller quantities.
Shiba Inu whales
It is no knowledge that whale wallets, many of which are hot wallets of huge centralised exchanges, hold the vast bulk of the Shiba Inu token supply, or 636.42 trillion SHIB, including the burn address. This adaptability in the face of such large outflows suggests the potential for concerted activities by centralised institutions, as they organised the shifting of tokens between wallets.
On the other hand, concerns regarding the influence these holders may have on the Shiba Inu token market are raised by the fact that there is a significant concentration of tokens within a small number of wallets.
