NAIROBI (CoinChapter.com)—Shiba Inu (SHIB) whale transactions increased by 60% in a single day, according to data from IntoTheBlock. Whale activity in the Shiba Inu market hit 1.62 trillion SHIB, valued at $22.21 million, marking a substantial jump from the 1.07 trillion SHIB, or $14.94 million, recorded the previous day. This increase in whale volume comes as SHIB continues to trade sideways, holding its ground at $0.000013.
Whale Activity Signals Strong Selling Pressure
IntoTheBlock data shows that while 240.85 billion SHIB flowed into whale wallets, a much larger 440.84 billion SHIB was moved out. This resulted in a net outflow of nearly 200 billion SHIB, highlighting that large holders are mostly selling.
Shiba Inu netflow. Source: IntoTheBlock
Despite the current selling trend, some large holders are still accumulating. Shiba Inu’s netflows jumped 1,387% over the past week, suggesting whales may see long-term potential.
Shiba Inu price chart. Source: CoinMarkertCap
Moreover, as of Sept 17, Shiba Inu (SHIB) trades at $0.0000131 after dropping 3.73% in the last 24 hours. Despite the decline, trading volume surged by 52.68%, reaching $152.76 million within the same period.
Shiba Inu Team Clarifies Supply Concerns
Lucie, a Shiba Inu team member, recently clarified supply-related questions on social media. Responding to concerns about the SHIB supply, Lucie explained that developers can’t change it because the token’s creator, Ryoshi, burned the keys. This means no one can alter the supply directly.
Lucie outlines SHIB burn plan to reduce supply. Source: X
Meanwhile, Shibburn reported a burn of only 3.6 million SHIB in the last 24 hours, marking a 65.56% drop. Despite these burns, SHIB’s total supply remains high at 589 trillion tokens, which makes a significant price increase unlikely in the near term.
Shiba Inu Could Hit $0.001 by Early 2025, Analyst Predicts
Moreover, Shiba Inu (SHIB) is trading at $0.000013 and could see a big price breakout, says analyst Krao. The token has remained steady throughout Sept., with no major price changes. Its last big move came in March, when it jumped 280% following the Bitcoin halving and ETF launch.
SHIB/USD 1- month price chart. Source: Krao
Krao shared on TradingView that SHIB is in a consolidation phase and could potentially surge to $0.001 by the first quarter of 2025. This would require a steep 7,600% rise over the next four to five months. SHIB would need to grow by about 1,500% each month to reach this target. In fact, while a $1,000 investment at today’s price could theoretically turn into $77,000, these gains are highly speculative given the volatility of the market and broader economic uncertainties.
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