In the past 24 hours, 2.75 trillion SHIB was transferred from major wallets, leading to a 23% price drop, raising market concerns. Outflows: 2.75 trillion SHIB was removed from the Shiba Inu market in 24 hours, with total trading volume reaching 6.37 trillion SHIB. Increased whale activity: Funds flowing into whale addresses reached 1.9 trillion SHIB in the past 24 hours, up 133% weekly. Price drop: The price of SHIB fell by 23.28% in the past day, reaching $0.00001874.
Shiba Inu faces pressure as whales transferred 2.75 trillion SHIB from key wallets in just 24 hours. The token price plummeted 23%, highlighting the impact of increased volatility and bearish market sentiment.
The large outflow of SHIB has raised concerns among holders.
According to IntoTheBlock, in the past 24 hours, 2.75 trillion SHIB was removed from the Shiba Inu (SHIB) market by major holders. The total trading volume of SHIB in the past 24 hours reached 6.37 trillion SHIB, part of a broader trend.
In the past week, outflows increased by 754%, totaling 2.75 trillion SHIB.
In the past 24 hours, funds flowing into whale addresses or large holders reached 1.9 trillion SHIB, a significant increase of 133% weekly. In the past 24 hours, Shiba Inu trading volume surged by 55.81%, which aligns with increased whale activity.
Whale activity drives Shiba Inu trading.
Due to the correlation between increased outflows and broader cryptocurrency market sell-offs this week, SHIB whales may have been forced to sell off large amounts of tokens.
The price of SHIB dropped by 23.28% in the past day, reaching $0.00001874. The outflows far exceeded inflows, likely due to ongoing sell-offs.
Due to widespread uncertainty and a recently emerging pessimistic sentiment, some whales may exit the market.
Market volatility led to a sharp drop in SHIB prices.
Funds leaving whale addresses are monitored for outflows from major holders by IntoTheBlock. Using large holder outflows can detect anxiety. Selling assets from whale addresses or withdrawing from exchanges are two potential reasons for the significant increase in outflows. Bullish cold storage may be a reason for someone exiting the exchange, which would be a security measure.
During periods of severe volatility, large stakeholders may be forced to sell their assets to avoid liquidation. However, (USA Today) explains that large withdrawals often involve funds leaving exchanges, as exchanges are among the largest holders.
Shiba Inu benefits from the Chainlink partnership.
The good news is that due to the partnership with Chainlink, Shiba Inu's ecosystem tokens—SHIB, BONE, and LEASH—can now accept the CCT standard.
In terms of low-latency market data, Shibarium will also use Chainlink's CCIP as its standardized cross-chain infrastructure and data flow.