According to data from IntoTheBlock, Shiba Inu (SHIB) has seen a staggering 2.75 trillion SHIB recorded in large holder outflows alone in the past day. This movement is part of an even larger trend, with the total large transaction volume for SHIB hitting 6.37 trillion SHIB in the past 24 hours.
The 2.75 trillion SHIB in outflows adds to a 754% increase over the last seven days. Conversely, large holder inflows — the movement of funds into whale addresses — reached 1.9 trillion SHIB in the last 24 hours, adding to a 133% surge weekly. Large transaction volumes often indicate increased activity among whales, of which Shiba Inu was seeing a 55.81% increase in the last 24 hours.
The rise in outflows coincides with a broader crypto market sell-off this week, which might have influenced SHIB large holders to move substantial amounts of tokens.
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At the time of writing, SHIB was down 23.28% in the last 24 hours to $0.00001874. The ongoing sell-off might explain why outflows have significantly outpaced inflows.
With prevailing market sentiment leaning bearish, significant outflows suggest some whales may be cashing out amid broader market uncertainty.
What it means
Large Holders Outflow from IntoTheBlock tracks the funds going out of addresses belonging to whales.
Large Holders Outflow can be useful to spot moments of panic. Spikes in outflows might suggest two things: selling from whale addresses or withdrawals from exchanges. Withdrawal from exchanges could be for security reasons, such as a move to cold storage, which is considered bullish.
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Large holders may be more likely to sell assets during periods of extreme volatility to prevent liquidation. However, because exchanges are among the largest holders, large outflows can often be funds leaving exchanges.
In positive news, Shiba Inu has entered a partnership with Chainlink, allowing its ecosystem tokens SHIB, BONE and LEASH to adopt the CCT standard. Shibarium has also adopted Chainlink's CCIP as its canonical cross-chain infrastructure and data streams for low-latency market data.
