Shiba Inu Whales Paper Hand SHIB, Key On-Chain Metric Proves

As fresh on-chain data from IntoTheBlock shows, it turns out that major holders of the popular Shiba Inu (SHIB) cryptocurrency do not have the most “diamond hands.” But first things first.

According to statistics over the past 24 hours, the number of large transactions with SHIB has increased, which is surprising given the low volatility of the crypto market on weekends, especially during the summer.

As a matter of fact, the volume of transactions of at least $100,000 with the Shiba Inu token increased from $13.45 million to $19.34 million during this period. In token terms, this phenomenon was characterized by an increase in transaction volume from 747.97 billion SHIB to 1.11 trillion SHIB.

In total, there were 54 such “whale” transactions with the popular meme cryptocurrency over the past day.

The catch

On the one hand, it seems great – whale activity is growing, SHIB is in the focus of the major players. In reality, however, it turns out that not everything is so rosy.

Turning to the Large Holders Netflow indicator, we can see that during this 24-hour period, it has experienced a decrease worth 392.72 billion tokens, or $6.66 million, from wallets holding at least 0.1% of the multi-billion SHIB supply.

Thus, it can be said that most of the large transactions made by whales with Shiba Inu tokens were withdrawals from their wallets. No, this does not mean that most of these tokens were sold out in the same minute. However, it does indicate that the major players are not sure if they are ready to hold SHIB in current market conditions.

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