Shiba Inu whales are making big moves, transferring massive amounts of SHIB tokens worth millions.
Recently, on-chain data revealed that these large-scale investors moved 15.1 trillion SHIB tokens in just one day, a move valued at $253.05 million.
This comes during a market downturn, which has seen the prices of many cryptocurrencies, including SHIB, fall to new lows.
Shiba Inu Whales in Action
According to IntoTheBlock’s data, Shiba Inu whales, or large holders of SHIB, have made a series of huge transactions.
On February 2, they moved 4.3 trillion SHIB tokens, valued at $66.22 million. But things didn’t stop there. On the following day, they executed a transfer of 15.1 trillion SHIB tokens, representing a jump of 10.8 trillion tokens compared to the previous day.
This surge in whale activity is being closely watched. Whale movements are often seen as a signal of market sentiment and can influence the price of assets like SHIB.
Market Crash and SHIB’s Decline
Despite the big moves by whales, the broader market is struggling. The crypto market has been affected by global events, including economic tensions related to trade wars, causing a sharp decline in the value of major cryptocurrencies like Bitcoin and Ethereum.
SHIB, too, has felt the impact. Over the past week, the price of Shiba Inu has dropped by 20%. However, it has shown slight recovery, gaining 6.4% in the last 24 hours.
Whale Activity Increases
While the overall market faces difficulties, whale activity has been on the rise. In the last seven days, the number of large holders of SHIB has increased by 553.59%, with whales purchasing significant amounts of SHIB.
On February 2, whales bought 1.27 trillion SHIB, and the next day, they moved an even larger amount—6.51 trillion SHIB.
However, whale outflows have also increased dramatically. In the same period, whale outflows skyrocketed by 1,290%, with 967.25 billion SHIB being sent out on February 2. This means that while whales are moving SHIB tokens, they are also sending them away at a rapid pace.
Is a SHIB Price Rally Ahead?
Although the increased whale activity is noteworthy, it’s unclear whether it signals an upcoming price rally for Shiba Inu.
While the coin has shown signs of slight recovery, its price remains well below its high of over $0.00002 in 2024. Currently, SHIB is trading at $0.000015, indicating a significant drop in value.
With trading volumes down 38.7% in the last 24 hours, it’s difficult to predict where SHIB’s price will go. The market’s volatility and the influence of large investors make this a situation to watch closely.
Stay tuned to see if Shiba Inu can make a comeback or if the whale movements are just another part of the ongoing market uncertainty.
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