Shiba Inu whales are back in action, initiating massive transactions worth millions of dollars. Recently, on-chain data revealed that Shiba Inu whales had moved a staggering 15.1 trillion SHIB tokens in just one day. This significant SHIB transfer comes amid its market crash to new lows. With the increased whale activity, the question arises of whether these large-scale investors are preparing for a potential surge in the price of SHIB.
Shiba Inu Whales Make Big Moves With 15 Trillion SHIB Transfer
IntoTheBlock’s data reveals that large-scale SHIB holders, commonly referred to as Shiba Inu whales, have executed another massive transaction. In the last 24 hours, Shiba Inu whales moved a staggering 15.1 trillion SHIB tokens, valued at approximately $253.05 million.
This large-scale SHIB transaction has caught the market’s attention, as whale movements often influence market sentiment and impact price trajectories. On February 2, Shiba Inu Whales transferred a whopping 4.3 trillion SHIB tokens, valued at $66.22 million. This transaction marked a significant increase of more than 2.8 trillion SHIB compared to their previous transaction of 1.5 trillion SHIB recorded on February 1.
However, it appears that the activity of Shiba Inu whales has intensified even further. These large-scale token holders executed a recent 15.1 trillion SHIB transfer, representing an astonishing increase of 10.8 trillion from the previous day’s transfer of 4.3 trillion.
Interestingly, this increase in whale transactions comes as the market experiences a significant crash. Following United States (US) President Donald Trump’s trade war with China, Mexico, and Canada, the crypto market has been in a downturn. Big players like Bitcoin and Ethereum have crashed significantly, with BTC trading below the $100,000 mark and ETH down below $3,000.
Shiba Inu was also among the cryptocurrencies affected by the market volatility. CoinMarketCap’s data reveals that SHIB experienced a 20% crash over the week, driving its price to new lows. While the meme coin has recovered slight gains of about 6.4% in the past 24 hours, its recent downtrend still reflects ongoing bearish pressure.
Amidst the downtrend, IntoTheBlock reports that large holder inflows have skyrocketed by 553.59% in the last seven days. On February 2, large-scale SHIB holders had accumulated 1.27 trillion SHIB. However, their buying activity surged dramatically the next day, with whales purchasing an impressive 6.51 trillion SHIB.
Despite the significant uptick in whale inflows, ITB’s data shows an extraordinary rise in outflows. Whale outflows skyrocketed by 1,290% in the last seven days, with 967.25 billion SHIB sent out on February 2. This trend continued the next day when whales moved an astonishing 6.5 trillion SHIB, marking a difference of over 5.5 trillion compared to the previous day.
Are SHIB Whales Preparing For A Price Rally?
While large-scale transactions often influence market trends, it’s still uncertain if the recent increase in Shiba Inu’s whale movements signals an impending price rally. Based on CoinMarketCap’s data, Shiba Inu appears to be showing signs of slight recovery from its recent downtrend, possibly driven by the surge in whale transfers.
However, despite this rebound, the price of Shiba Inu remains well below its 2024 price high of over $0.00002. As of writing, the meme coin is trading at $0.000015, indicating a significant drop in value due to bearish market trends and changes in investor sentiment. Additionally, the meme coin’s trading volume has plummeted 38.7% in the last 24 hours, settling at $874.2 million.
Featured image from Unsplash, chart from Tradingview.com
