Shiba Inu whales have been stepping up their game recently as their volumes have risen exponentially. However, this has not always been a cause of celebration, especially given the directions that these large investors have been moving in. This is made obvious by the difference between the inflows and outflows of the holdings of Shiba Inu whales, showing whether the rise in their volumes have been as a result of buying or selling.
According to the IntoTheBlock website, Shiba Inu whale volumes which have been on the high side over the last week and this has continued into the new week. These whale transactions are those carrying $100,000 or more, making them the large investors. On Sunday, whale volumes rose to more than 1.62 trillion SHIB, working out to $22.21 million at current prices.
These figures come out to be a 60% increase from the 1.07 trillion SHIB, or $14.94 million, that was recorded there previous day. This suggests that Shiba Inu whales are making big moves despite the meme coin’s price remaining down.
Naturally, more involvement from whales can be significant for the digital asset, although the impact can swing either way. Depending on whether the whales are moving their Shiba Inu tokens to exchanges or moving them out of exchanges, it can determine if the price will go up or down.
This time around, it looks like the Shiba Inu price could end up swinging toward the negative. This is because while there have been a significant amount of inflows into whale wallets, suggesting that they’re buying, outflows have dominated their volumes.
The Large Holder Inflow and Outflow data from IntoTheBlock points to selling being the major activity among whales. The inflow data, which represents how much SHIB are flowing into the wallets of large Shiba Inu holders, points to buying. Meanwhile, the outflow data, which represents the amount of SHIB being moved out of the wallets of large Shiba Inu holders point to selling.
The metric shows that on Sunday, 240.85 billion SHIB were moved into the wallets of these whales. However, the outflow data shows that they moved 440.84 billion SHIB out of their wallets. This suggests that these whales are selling more than they’re buying.
Total net flow data came out to -199.99 billion SHIB, which means that these whales are skewing toward selling. If this trend continues, then it could put further selling pressure on the Shiba Inu price that is already struggling as a result of the bearish trend in the broader crypto market.
Featured image created with Dall.E, chart from Tradingview.com
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