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The popular Shiba Inu (SHIB) cryptocurrency is experiencing worrying developments in the behind-the-scenes and on-chain reality of the crypto market. According to data from In the blockThe number of Shiba Inu tokens shipped from wallets by major token holders in the last 24 hours stands at 7.48 trillion SHIB.
For comparison, the previous day’s output from whale addresses was only 1.05 trillion SHIB, representing a more than seven-fold increase, or 712.38%.
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To clarify, only addresses holding at least 0.1% of the circulating volume of the Shiba Inu token are considered. Interestingly, inflows to these wallets also increased during the day, reaching 7.41 trillion SHIB, 89.5% higher than the previous day.
However, this was not enough for large buyers to tip the balance in their favor and as a result, the net flow figure for the period under review fell from 2.86 trillion SHIB to -72.77 billion from SHIB.
Shiba Inu (SHIB): Price Outlook
The reasons for this change in sentiment can be found on the price chart of the popular meme-inspired cryptocurrency. Over the past day, the price of SHIB fell 8.24% from the day’s high to the day’s low, where it settled at $0.000023.
However, as the chart shows, the selling of whales in this area was due to the threat of a further decline in the price of the token, when it literally reached the edge of the abyss. In this case, the majority’s decision to get rid of Shiba Inu the tokens, which have shown a profitability of almost 80% since the beginning of November, seem natural.
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Moreover, following the recent rally, SHIB price failed to surpass previous local highs and formed a second tower on the chart, which is also a kind of worrying trend.