Shiba Inu (SHIB) has had an unheard-of increase in token outflows, rising by an amazing 3,033% in only a single 24-hour period, in an astonishing turn of events.
The amount of tokens leaving the wallets of significant holders has dramatically increased, rising from 16.87 billion to an astounding 511.37 billion SHIB over night, according to data from IntoTheBlock.
The mystery surrounding this strange conduct was heightened by the concurrent observation of a dramatic reduction in daily inflows to these whale wallets, which fell from 4.59 trillion tokens to a pitiful 262.41 billion in the same time frame.
When considered in the context of the cryptocurrency market, particularly the token’s price, these data take on greater relevance. Late last night and early this morning, there was a major increase that caused an unprecedented pump in Bitcoin quotations and ripple effects across the whole cryptocurrency market.
As the Shiba Inu market experienced optimistic optimism, Bitcoin reached annual highs around $36,000. SHIB’s peak price of $0.0000073 was more than it had been throughout the previous two months of the autumnal season.
Two scenarios
Shiba Inu’s significant price surge and the unusual outflows from wallets of significant SHIB holders have coincided, leaving the crypto community to speculate about the underlying causes.
There are two likely outcomes: first, wealthy investors, or “whales,” may have purposefully taken advantage of this price increase to sell their SHIB holdings. Alternatively, withdrawals of Shiba Inu tokens from significant centralised exchanges and platforms might be connected to outflows from whale wallets.
The fact that the vast majority of important SHIB holders are centralised organisations just adds to the intrigue surrounding this unheard-of whale action.
