$SHIB $DOGE 880 Billion SHIB in 24 Hours: Major Bleed for Shiba Inu

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Shiba Inu losing traction in rapid fashion

More than 880 billion SHIB tokens have been moved in the last 24 hours, indicating that Shiba Inu is currently seeing a severe cash outflow. This flight out, which is mostly the result of whale activity, indicates waning trust that SHIB is a strong competitor in the meme coin space.

Recent on-chain data shows a sharp drop in the volume of large transactions, suggesting that whales, usually market movers, are lowering their exposure to SHIB. A seven-day high of 46 transactions on Aug. 9 was surpassed by just 39 large transactions over the course of the previous day.

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