- SHIB whales added 2.85 trillion tokens but sold almost three trillion, a net decline of 150 billion.
- Bearish market sentiment, despite whale activity, has sent SHIB’s price down 3.54% in 24 hours and 20.68% in the past week.
The extraordinary activity of its large holders has dominated recent news about Shiba Inu (SHIB). These cryptocurrency whales have amassed an incredible 2.85 trillion SHIB tokens in just 24 hours.
This jump, according to IntoTheBlock, is indicative of a substantial spike in the Large Holders Inflow indicator, which increased by 208% and resulted in a massive inflow of tokens valued at the current SHIB price of $0.00002136 per CoinMarketCap, or almost $66.98 million.
Massive Accumulation and Disposal by SHIB Whales
But the situation is not just one of building. Despite the significant inflow, the same investors sold nearly three trillion tokens, resulting in a net reduction of 150 billion SHIB tokens over the same period of time.
With a more than 300% rise, the Large Holders Outflow statistic highlighted this trend and showed that more tokens were leaving wallets than were entering them.
The Large Holders Netflow indicator has entered negative territory as a result of these trades, suggesting that the meme-inspired cryptocurrency may experience further turmoil.
This occurs at a time when the market price of SHIB has been declining by 3.54%, showing a bearish trend over the last 24 hours and a sharper decline of 20.68% during the previous week.
Also, the Shiba Inu (SHIB) burn rate previously increased by an astounding 18,000%, in addition to the significant fluctuations in SHIB whales’ holdings. As ETHNews previously reported, this steep increase is regarded as a deflationary signal amidst a period of widespread crypto market declines.
Forecasts for Upcoming Market Trends
Market analysts are keenly observing these developments in an attempt to determine if they indicate a change in market dynamics with more prolonged outflows predicted, or whether they indicate an optimistic attitude among key holders expecting a price gain.
For both experienced traders and novice investors in the SHIB community, the intricate interaction of notable inflows and outflows combined with the downward price trend presents a difficult conundrum.
Although the market is now down, historical evidence indicates that Shiba Inu rarely stay in the negative zone for very long. The community is still on edge, wondering if the whales’ frenzy of activity will calm the market or if it is a sign of more turbulence to come.