Shiba Inu Whale Activity Sparks Market Concerns
A dormant Shiba Inu whale has come to life, withdrawing a staggering 220 billion SHIB (worth $4.63 million) from Binance after five months of inactivity. This major outflow has raised eyebrows across the crypto community, especially given Shiba Inu’s recent bearish performance.
🔴 SHIB's Price Performance
December's Struggles: SHIB fell by 25% throughout the month, reflecting a bearish market sentiment.
Recent Surge: A 5% rise in the last 24 hours reduced weekly losses to 0.54%, but the token remains 7.7% down over two weeks.
Concerns: Large whale activities and outflows continue to influence SHIB's price, making recovery a challenge.
🐋 Key Whale Movement
Data from Lookonchain revealed the whale address (0xBf93560b1a6075…) executed this massive withdrawal. This whale’s historical activity shows repeated patterns of inflows and outflows, hinting at strategic market behavior.
📉 Distribution Trends Highlighted
Insights from IntoTheBlock show a staggering 627.85% increase in whale outflows over the past week. In the last month:
Outflows rose by 121.61%.
Over 90 days, outflows surged by 108.23%.
This reflects reduced confidence among large holders or a strategic reallocation of funds, contributing to SHIB's price pressure.
🔥 Burn Milestones by the Shiba Inu Community
Despite the turbulence, the Shiba Inu community marked a significant achievement in 2024:
44.6 billion SHIB burned (worth $991,090).
December alone saw the burning of 2.67 billion SHIB via 143 transactions.
💬 What Does This Mean?
Whale movements and consistent outflows suggest potential distribution, impacting SHIB’s price. While the community’s burn efforts aim to reduce supply and boost value, balancing these trends remains a challenge.
Do you think SHIB can recover, or will these whale activities continue to create uncertainty? Share your thoughts below!
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