Shiba Inu whale reactivates after almost two years, will SHIB react?
- Shiba Inu whale holding over 100 trillion SHIB, recently transferred 4 trillion SHIB.
- SHIB saw a rebound, but it was not enough to spark a positive trend.
Attention was captivated by a remarkable occurrence involving a prodigious Shiba Inu [SHIB] whale. This whale orchestrated a substantial transfer of the SHIB token, igniting speculation regarding the future trajectory of these tokens.
Furthermore, the value of the tokens on exchanges was compared to that of those off it to measure the significance of the whale.
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Shiba Inu whale activates
As reported by Lookonchain, this whale possessed a staggering 101.47 trillion SHIB tokens dispersed across 23 distinct wallets. This token accounted for approximately $756 million, equivalent to more than 10% of the SHIB supply.
— Lookonchain (@lookonchain) July 13, 2023
Furthermore, the resurfaced whale initiated a transfer of 4 trillion SHIB tokens, equivalent to over $29 million. The transferred tokens found their new home in eight fresh addresses, as confirmed by data sourced from Etherscan.
Inflow and outflow charts show regular movements
Upon meticulous analysis of the inflow and outflow charts on Santiment, it became evident that no notable surge had occurred. This observation pointed to the possibility that the influential whale had not transferred a substantial volume of the active token to exchanges, assuming any movement had occurred.
At the time of writing, the inflow chart stood at 14.58 billion, while the outflow volume slightly exceeds 8 billion, as recorded at the time of writing.
Trillions of Shiba Inu waiting outside exchanges
With the emergence of the activated Shiba Inu whale, a closer examination of the volume of SHIB residing outside of exchanges yielded an intriguing revelation. As of this writing, the volume of SHIB held outside exchanges surpassed 914 trillion.
This contrasted with the 85.9 trillion SHIB found on these trading platforms. This finding suggested that many holders have opted to keep their SHIB tokens outside exchanges, potentially awaiting a price surge before deciding to sell.
– Realistic or not, here’s SHIB market cap in BTC’s terms
SHIB’s poor trend continues
Following a period of decline, Shiba Inu experienced a modest recovery when observed on a daily timeframe. As of this writing, it was trading with a marginal profit of less than 1%.
However, it was yet to overcome its short Moving Average, which has been acting as a resistance level. Moreover, the volume metric indicated a need for more significant activity, explaining why the price has struggled to rally.