Rapid increase in significant Shiba Inu coin transactions by large investors over a time span of two days.
In recent days, a significant trend has emerged in the world of Shiba Inu (SHIB), the popular meme cryptocurrency. A notable increase in wallet outflows from major exchanges has been observed, with these large holders (often referred to as "whales") moving their tokens into private wallets.
On August 7, a staggering 183.03 billion SHIB tokens left large holder addresses, a move that has been interpreted as accumulation rather than selling. This trend continued, with the total amount of SHIB tokens leaving major wallets, including those of exchanges like Coinbase, Binance, and Upbit, more than doubling between August 7 and August 9, reaching 359.6 billion tokens by August 9.
This movement of SHIB from exchanges to private wallets reduces the circulating supply available for sale on the market, which can fuel price rallies, as historically seen with similar meme coins. In the case of Shiba Inu, the price backed up along with these outflows, increasing from $0.000013 to $0.000014.
Analysts interpret this trend as accumulation and preparation for possible upward price movement. Increased on-chain transfer volume with stable transaction counts suggests that whale-sized transfers dominate recent SHIB network activity. Furthermore, bullish technical indicators and historic price patterns tied to whales accumulating SHIB reinforce the idea that these outflows could precede significant price appreciation.
The calm was broken midweek, indicating a potential change in strategy by large holders. A whale recently withdrew 3 trillion SHIB (about $39 million) from Coinbase to a self-custody wallet, marking the wallet's first transaction, indicating accumulation rather than liquidation. Another wallet received over 193 billion SHIB (~$2.5 million) from Coinbase, further suggesting large holder activity moving coins off exchanges into private control.
Whale outflows surged by 40% overnight, with large amounts of SHIB moving out of major wallets, yet the price remained stable around $0.000014, reinforcing the view that the tokens were being parked rather than sold. If this trend continues and the exchange float shrinks, any fresh demand could lead to a faster-than-expected increase in prices.
As of the date of publication, SHIB is down 96.68% from its all-time high. However, the recent outflows suggest strong holder conviction and potential price support, offering a glimmer of hope for investors.
This article does not represent the views of U.Today, and readers are advised to conduct their own research before making any investment decisions.
- The trend in Shiba Inu (SHIB) has seen a surge in whale activity, with significant amounts of tokens being moved from major exchanges to private wallets.
- On August 7, an unprecedented 183.03 billion SHIB tokens left large holder addresses, a move interpreted as accumulation rather than selling.
- The movement of SHIB from exchanges to private wallets has reduced the circulating supply available for sale on the market, potentially fueling price rallies.
- Whales have been transferring large amounts of SHIB, contributing to an increased on-chain transfer volume and stable transaction counts.
- A whale withdrew 3 trillion SHIB from Coinbase to a self-custody wallet, indicating accumulation rather than liquidation, which could potentially lead to a faster-than-expected increase in prices if this trend continues.
