Shiba Inu Whale (SHIB) activity increased significantly over the past 24 hours, with 2.83 trillion tokens issued. This change in behavior highlights growing caution from major holders as the market awaits clearer signals on the token’s next move.
Whale activity raises concerns about Shiba Inu (SHIB) market dynamics
Over the past day, a worrying trend in large-scale investor actions towards the widely used cryptocurrency Shiba Inu (SHIB), based on famous memes, has emerged. So, according to In TheBlock data, Shiba Inu’s net token flow turned negative over the last day.
With a loss of 361.3 billion tokens, the value fell from 205.85 billion SHIB to -155.45 billion CNY.
Net outflows reached SHIB 2.83 trillion during the study period, an increase of 117%, according to the measurements. But the amount of cash inflows also increased by 77.48%, reaching 2.68 trillion SHIB for the day. Please be aware that metrics will only be calculated for addresses that own at least 0.1% of the total circulating supply of Shiba Inu coins.
Based on the numbers, it appears that most of the big players are selling their SHIB tokens or at least some of the largest holders are.
SHIB Price Reflects Volatility Amid Whale Selling
When we include both the highs and lows of the month, we see that the price of the Shiba Inu token has crossed a range of almost 86% since the beginning of November, an increase of 41%.
Taking this position into account, the current actions of the so-called whales suggest that they are not very keen to purchase the coin. But that also doesn’t mean the selling trend isn’t robust.
Perhaps we should wait to take firm action until we see what happens to the price of the popular meme cryptocurrency. We will observe their actions regarding the token when its price reaches a threshold allowing large capitals to make informed investment decisions.