In the world of cryptocurrencies, strange and unexpected events are not uncommon. The latest puzzling development revolves around Shiba Inu (SHIB), as trillions of these tokens have mysteriously found their way into large holders’ accounts, often called whales.
The influx of SHIB tokens into these wallets has caught the attention of crypto enthusiasts and analysts, sparking curiosity and speculation about the motives behind these substantial transfers. Interestingly, regardless of this activity, SHIB has only continued to move in a downward trend.
Large Shiba Inu Holders Record Large Inflows
According to data provided by the crypto intelligence portal IntoTheBlock, the past day has witnessed an unprecedented surge in the number of SHIB tokens flowing into the addresses of large Shiba Inu holders.
The total inflow recorded amounts to a staggering 20.1 trillion SHIB tokens. To put this into perspective, this activity level has not been observed since March 23 and January of this year, suggesting that something significant may be unfolding within the Shiba Inu ecosystem.
Interestingly, previous instances of such massive inflows were accompanied by similarly large outflows. The recent surge is no exception, as more than 20.16 trillion SHIB tokens were observed to flow out of these large wallets within the same 24-hour period.
Though the exact reason behind these anomalous activities remains unclear, it is suggested that it could result from redistribution between exchange wallets.
Meanwhile, renowned crypto tracking platform Whale Alert has also reported consecutive transactions involving five trillion SHIB tokens each, totaling $43.6 million.
While the scale of these transfers might suggest internal transactions within a major crypto exchange, it is important to note that similar large SHIB transactions among Binance’s crypto wallets have been confirmed.
SHIB Remains In Red
Despite the intriguing influx of SHIB tokens into the accounts of large Shiba Inu holders, it is worth noting that the token’s price has experienced a continuous downtrend in the past week. This raises questions about the impact of these whale movements on the overall market dynamics and investor sentiment toward Shiba Inu.
Over the past 7 days, Shiba Inu has continued to move downwards, particularly in the meme coin market. The token has plummeted nearly 6% in the past week, down from a high of $0.00000911 seen last Wednesday to $0.00000871 at the time of writing.
The supposed Dogecoin Killer has also recorded a huge loss in its market capitalization in the past month. SHIB’s market cap has plunged 23% over this period, from a cap-high of above $6 billion to $5.1 billion.
It is worth noting this plummet in the asset’s market cap can be attributed to the hype in the frog-themed meme coin PEPE, which took the spotlight away from several meme coins, including SHIB.
Featured image from Shutterstock, Chart from TradingView.com