There has been a noticeable uptick in activity surrounding the Shiba Inu token (SHIB), closely related to the behaviour of influential token holders, sometimes known as “whales” in the cryptocurrency industry.
According to data from IntoTheBlock, whale wallet SHIB outflows have increased by an astounding 210% in the last day. Shiba Inu coins have been ejected from these wallets at a rate of 216.45 billion SHIB, a 210% rise from the previous day. In total, 425.7 billion Shiba Inu tokens—roughly $3 million—flew out of these wallets during the time period under investigation.
The nature of these significant SHIB holders, principally centralised exchanges and trading platforms, gives this tale an intriguing twist. A burn address, the Cryptocom exchange, two addresses owned by Binance, and one held by Robinhood make among the top five biggest known SHIB addresses.
Large wallet withdrawals are typically regarded as negative indicators of selling pressure. However, considering that exchanges and platforms are the main SHIB holders, their outflows may actually point to increasing purchasing activity, which is good news for the coin.
Pivotal question
The key is to determine if this whale movement is an intentional attempt to sell holdings or, on the other hand, a sign of big acquisitions. The response to this query will determine how SHIB’s pricing will develop going forward.
The Shiba Inu price chart is the focus of attention as the SHIB community closely observes these events to understand the full impact of this on-chain increase.
