In recent times, Shiba Inu whales have been making significant moves, as indicated by the exponential rise in their trading volumes. However, this surge in activity hasn’t always translated into positive momentum for the SHIB token. The differing patterns of inflows and outflows among these large investors reveal whether their increased volume is due to buying or selling activities.
SHIB Whale Volumes Balloon
According to data from the IntoTheBlock website, Shiba Inu whale volumes have remained elevated over the past week, continuing into the new week. Whale transactions, defined as those exceeding $100,000, have seen a substantial uptick. On Sunday, whale volumes soared to over 1.62 trillion SHIB, equating to approximately $22.21 million based on current prices.
This represents a 60% increase from the previous day’s volume of 1.07 trillion SHIB, or $14.94 million. These figures suggest that Shiba Inu whales are making significant moves even though the meme coin’s price has remained relatively low.
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Increased whale activity can have a profound impact on the digital asset, influencing its price direction. Whether whales are transferring their Shiba Inu tokens to or from exchanges can determine if the price will trend upward or downward.
At this juncture, the Shiba Inu price appears to be leaning towards a negative swing. Despite substantial inflows into whale wallets, indicating buying activity, the outflows have been more dominant, signaling that selling is the prevailing trend.
Shiba Inu Whales Are Selling
Data on Large Holder Inflows and Outflows from IntoTheBlock highlights that selling is the predominant activity among whales. Inflow data, which tracks the amount of SHIB entering the wallets of large holders, suggests buying activity. Conversely, outflow data, which tracks the SHIB exiting these wallets, points to selling activity.
The metrics reveal that on Sunday, 240.85 billion SHIB were moved into whale wallets. However, the outflow data shows that a staggering 440.84 billion SHIB were moved out of these wallets. This disparity indicates that whales are selling more than they are buying.
The total net flow data came out to -199.99 billion SHIB, underscoring a selling bias among these large investors. If this trend persists, it could exert additional selling pressure on the Shiba Inu price, which is already under strain due to the broader bearish trend in the cryptocurrency market.
Currently, the SHIB price is maintaining support at $0.000013.
