According to on-chain data, Shiba Inu large holder outflows surged by a staggering 992% this week, sparking speculation across the crypto community.
According to IntoTheBlock data, the outflow of large Shiba Inu holders has increased significantly since June, rising from 105.39 billion SHIB on June 1 to 1.07 trillion SHIB on June 3.
Large Holders Outflow tracks the funds going out of addresses belonging to either whales or large holders.
Spikes in large holder outflows can indicate two things: first, selling from whale addresses. On the other hand, withdrawals are frequently funds leaving exchanges, which remains bullish for SHIB as large holders transfer their coins to cold wallets. This suggests that these holders may be hesitant to sell, preferring to wait for a longer time in anticipation of potential price appreciation.
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Coinciding with the surge in large holder outflows, Shiba Inu has seen a 206% surge in large holder inflows, suggesting funds entering into whale addresses.
Meanwhile, Shiba Inu (SHIB) has seen a 216% surge in large transaction volume in the last 24 hours, strongly indicating that whale activity is heating up. Large transaction volume typically refers to individual transactions exceeding $100,000. A 216% jump in such activity suggests a major shift in how large holders are positioning themselves with SHIB.
SHIB price action
At press time, SHIB was down 0.56% in the last 24 hours to $0.0000131, having recovered from its May 31 low of $0.00001226.
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The surge met resistance at $0.00001345 in Tuesday's session, causing SHIB to retreat.
In the coming days, a decisive break above the daily SMA 50, now at $0.00001387, which limited SHIB prices from late December to April, could be critical for Shiba Inu's next major move.
A break above the daily SMA 200 at $0.00001764 could mark the beginning of the next leg of SHIB's uptrend, although support at $0.00001 is likely if selling pressure rises.
