The world of cryptocurrencies is rife with unexpected developments, and the most recent one involves the mysterious influx of trillions of Shiba Inu (SHIB) tokens into the accounts of large holders, commonly known as whales. This activity has impelled crypto enthusiasts and analysts to ponder on the motives behind these massive transfers, especially given SHIB’s downward trend. Reports from crypto intelligence portal, IntoTheBlock, indicate that a staggering 20.1 trillion SHIB tokens have flowed into these large wallets recently. This unusual activity level hasn’t been observed since March 23 and January of this year, which has left experts wondering if something significant is happening within the Shiba Inu ecosystem.
Intriguingly, similar massive inflows historically accompanied large outflows. Over 20.16 trillion SHIB tokens were recorded in these large wallets within the same 24-hour period. Although it is unclear why these anomalous activities are happening, experts speculate that it may result from redistribution between exchange wallets.
Renowned crypto tracking platform, Whale Alert, has also reported consecutive transactions involving five trillion SHIB tokens each that totaled $43.6 million. While the scale of these transactions may suggest internal transactions within a major crypto exchange, similar large SHIB transactions among Binance’s crypto wallets have been confirmed.
Despite the interesting influx of SHIB tokens into the accounts of large Shiba Inu holders, SHIB’s price has taken a continuous downhill turn in the past week. The token has plummeted almost 6% in the past week, down from a high of $0.00000911 observed last Wednesday to $0.00000871 at the time of writing. The meme coin market has also witnessed a significant drop in SHIB’s market capitalization in the past month, with a plunge of 23%, from a cap-high of above $6 billion to $5.1 billion. It is worth noting that this plummet in the asset’s market cap has resulted from the hype in the frog-themed meme coin PEPE, with SHIB being one of the meme coins that took a backseat.
Image source: Shutterstock, Chart from TradingView.com.