Shiba Inu whales have been on the rise lately as their volumes have increased exponentially. However, this hasn’t always been a cause for celebration, especially considering the directions these big investors have gone. This is made clear by the difference between the inflow and outflow of the Shiba Inu whale possessionswhich shows whether the increase in their volumes is due to buying or selling.
SHIB Whale Volumes Balloon
According to IntoTheBlock website, Shiba Inu whale volumes which were on the high side last week and this has continued into the new week. These whale trades are trades with $100,000 or more, making them the big investors. On Sunday, whale volumes rose to over 1.62 trillion SHIB, which is equivalent to $22.21 million at current prices.
These figures represent a 60% increase from the 1.07 trillion SHIBor $14.94 million, which was recorded there the previous day. This suggests that Shiba Inu whales make big movements despite the fact that the price of the meme coin remains low.
Of course, more whale involvement could be significant for the digital asset, although the impact could go both ways. Depending on whether whales move their Shiba Inu tokens to exchanges or pull them from exchanges, it could determine whether the price goes up or down.
This time it seems that the Shiba Inu Price could end up in a negative spiral. This is because while there has been a significant amount of inflow into whale wallets, suggesting they are buying, outflows have dominated their volumes.
Shiba Inu whales for sale
The large inflow and outflow holder facts from IntoTheBlock points out that selling is the main activity among whales. The inflow data, which shows how much SHIB is flowing into the wallets of large Shiba Inu holders, points to buying. Meanwhile, the outflow data, which shows how much SHIB is moving out of the wallets of large Shiba Inu holders, points to selling.
The metric shows that 240.85 billion SHIB was sent to the wallets of these whalesHowever, the outflow data shows that they have withdrawn 440.84 billion SHIB from their wallets. This suggests that these whales are selling more than they are buying.
The total net flow data came out at -199.99 billion SHIB, which means that these whales are leaning towards selling. If this trend continues, then it could puts further selling pressure on the Shiba Inu price which is already struggling with the downward trend in the broader crypto market.
Main image created with Dall.E, chart from Tradingview.com