Crypto Whales Sell Off Shiba Inu

Data from the market intelligence platform IntoTheBlock shows that the number of Shiba Inu large transactions has increased by over 400% in the last 24 hours. These large transactions involve ones worth $100,000 or more, and they are more significant considering that they come amid a recent decline in the market. Such whale activity is usually regarded as a positive development, considering that the coin’s price could rise if these whales were accumulating the token rather than looking to offload their holdings. In this case, the increase in large transactions amid this market downtrend could mean either that the whales were adding to their positions or looking to cut their losses and were offloading their tokens.

Further data from IntoTheBlock shows that the latter is likely the case and that these whales are offloading their Shiba Inu holdings. The Large Holders Netflow metric shows a decrease in the number of tokens these whales hold, with 392.7 billion tokens being moved from wallets holding 0.1% of Shiba Inu’s supply.

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