Whale alert: 25.5B SHIB transferred in hours – What’s driving the surge?
The post Whale alert: 25.5B SHIB transferred in hours – What’s driving the surge? appeared on BitcoinEthereumNews.com.
Whales remain active, with significant withdrawals from exchanges, but these movements have not reversed the bearish trend. Exchange netflows show a blend of accumulation and selling, with large holders redistributing their assets. A few days ago, Shiba Inu’s [SHIB] whale activity was showing concerning trends. Wallets holding between $1 million and $10 million worth of SHIB reduced their balances by 31% in a single day. This created significant selling pressure, pushing the price below $0.000014 and making it difficult for SHIB to find stability. The lack of new whale entries weakened liquidity, keeping SHIB trapped within a descending triangle formation. Whales return after a period of declining netflows The latest data now reveals that despite recent sell-offs, whales are back in action. Etherscan data has tracked a series of large SHIB transactions, with some exceeding 7 billion tokens in a single transfer. These movements involve major exchanges like Binance and OKX. On-chain data unveils exchange outflows To get a clearer picture, we turn to CryptoQuant’s exchange outflow data. Source: CryptoQuant On-chain data indicates large exchange outflows, including 33.48 trillion SHIB withdrawn on the 7th of January, the largest single-day removal. Then, the 3rd of February saw another 4.53 trillion exit, while the 20th of March recorded 5.55 trillion in outflows. Normally, removing tokens from exchanges reduces selling pressure and supports price stability. But in SHIB’s case, the price has dropped by approximately 43% since January. This suggests that despite whales pulling tokens from exchanges, overall sell pressure remains dominant. So, what’s really happening? Are whales buying or just shifting funds? Whale activity in SHIB remains dynamic, with IntoTheBlock data showing large-scale inflows and outflows. Source: IntoTheBlock On the 28th of February, a net inflow of 1.16 trillion SHIB signaled accumulation, but by the 12th of March, a -561.99 billion SHIB…
Filed under: News - @ March 21, 2025 6:29 am