There has been yet another development regarding the popular meme-inspired cryptocurrency, Shiba Inu (SHIB), this time around, increased whale activity has been observed behind the scenes on Shiba Inu’s on-chain.
In particular, large-scale transactions involving meme tokens have been on the rise. Into the Block It was reported that 1.62 trillion SHIBs were moved by whales in the past 24 hours, which translates to an increase of $14.94 million to $22.21 million.
In the past day, there were 58 transactions of over $100,000. Taking into account the volume of movement, we can say that the average size of such transactions was 27.93 billion SHIB, or just over $382,931. This means that the average size of yesterday's large Shiba Inu token transactions was almost four times larger than usual.
Pitfalls
But the question is which direction these tokens were mainly moving in. Using another metric, the “large holder netflow,” which shows the change in the balance of inflows and outflows of Shiba Inu tokens in the wallets of large holders, we can see that they fell into the negative zone from 176.79 billion SHIB to -200 billion SHIB in the past 24 hours.
Digging deeper, we can see that direct SHIB outflows from the Shiba Inu Kujira address increased by 74.8%, while inflows decreased by 43.85%, meaning that Shiba Inu Kujira has indeed increased activity on the parameter of disposing of tokens, rather than adding tokens.
Related
It remains to be seen how this will impact SHIB prices and to what extent this trend will continue among large holders.
