As became known thanks to data from IntoTheBlock, the amount of Shiba Inu (SHIB) tokens outflowing from the wallets of large holders in the past 24 hours skyrocketed by a staggering 475%.
According to on-chain data, the amount of SHIB, which left the addresses controlling no less than 0.1% of the circulating supply of the popular meme cryptocurrency, soared from 223.13 billion SHIB to over 1.06 trillion SHIB.
Despite an almost five-fold increase in just a course of a day, the netflow of Shiba Inu tokens to these wallets remained positive as the inflows totaled 1.44 trillion, which brings the net figure to 382.5 billion SHIB. This is, by the way, almost 830% more than the day before, which is a clear indication that flows of the meme coin to the biggest wallets is accelerating.
One can see the growth of outflows from these addresses as bearish, meaning that whales are getting rid of their SHIB holdings. However, it recently became known that most of the Shiba Inu circulating supply is held by the exchanges. Such a suggestion, if true, puts this on-chain data into a whole other context.
Thus, the growing netflows of SHIB to so-called “large holders” may be viewed as traders and investors depositing their meme coin holdings to exchanges, which in its turn may mean an intention to sell.
One thing is for certain — there is an increase in whale activity with the Shiba Inu token. It is for both buyers and sellers. However, who is prevalent remains an open question. Perhaps the truth will be foretold by the price action of SHIB in the coming days.
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