Not very much is happening these days on the cryptocurrency market as fear, greed, uncertainty and doubt took over and it seems that no concrete direction in which the prices on digital assets tend to lean is here yet.
However, the lack of action in the quotes does not mean the absence of activity at all.
Thus, things are still happening behind the scenes of the market, in particular in the on-chain realm. This is at least true for popular meme-inspired cryptocurrency Shiba Inu (SHIB), which as matter of fact is still the second biggest meme coin on the market.
As IntoTheBlock revealed, in the last 24 hours, Shiba Inu whales amassed a whopping 922.87 billion SHIB. This is 438,66 billion tokens, or 100% more than the day before.
Worth mentioning is that only those wallets that hold no less than 0.1% of the Shiba Inu token circulating supply made the cut in the statistics.
On the other hand, SHIB also saw a rise in outflows from these wallets. A total of 619.44 billion tokens flowed out of the hands of the biggest Shiba Inu whales.
The increase and total figure is less than the inflows, and as a result the net figure of flows is positive for the day – 303.43 billion SHIB. The day before it was -48.41 billion tokens.
Who’s really in control?
Is it bullish, one might ask, and despite the initial impression, things are a bit more complicated. The catch is that the biggest Shiba Inu token holders are exchanges. According to various estimates, 565 trillion SHIB are now held by only five whales, and that is like 95.8% of its entire circulating supply.
So, are the flows into the so-called whale wallets bullish for the meme coin? There does not seem to be an obvious answer.
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