- Significant 24-hour Surge in SHIB Outflows from Large Holders’ Wallets, reaching 2.47 trillion SHIB.
- Unclear Reasons for Sudden Increase in SHIB Outflows despite Stable Price Trends.
- Concerns Over Massive SHIB Concentration among Whales, Including Large Centralized Exchanges’ Wallets.
Based on on-chain data, there was a notable increase in Shiba Inu outflows from the wallets of large holders within a 24-hour period on Saturday, rising from 268 million to 2.47 trillion SHIB.
The reason behind this sudden change remains unclear, especially as the price of Shiba Inu did not display any significant fluctuations during the same timeframe. Additionally, some of the outflowing tokens were offset by incoming tokens, though in smaller quantities.
Shiba Inu whales hold a significant amount of SHIB
It is worth noting that a significant portion of the Shiba Inu supply, approximately 636.42 trillion SHIB, including the burn address, is held in whale wallets, many of which belong to large centralized exchanges’ hot wallets. The resilience shown by these wallets in the face of substantial outflows raises speculation about the possibility of coordinated efforts by centralized entities, who may have been strategically moving tokens between wallets.
The concentration of a considerable amount of SHIB among a select few wallets also raises concerns about the potential impact these holders might have on the overall Shiba Inu market.