On-chain data reveals a dramatic uptick in Shiba Inu (SHIB) whale activity, raising both eyebrows and speculation across the crypto space.
According to IntoTheBlock, large holder outflows for Shiba Inu skyrocketed by 992% this week, rising from 105.39 billion SHIB on June 1 to a staggering 1.07 trillion SHIB by June 3.
Understanding the Shift: Outflows vs. Inflows
Large Holder Outflows track SHIB moving out of wallets owned by whales or major investors. These movements can signal two possibilities:
Bearish scenario: Whales might be selling off their holdings.
Bullish scenario: The tokens are being moved to cold wallets, indicating long-term holding intent.
Given the broader market context, the latter seems likely. The shift to self-custody could signal growing conviction among large holders in SHIB’s long-term value.
At the same time, large holder inflows are also up by 206%, suggesting a parallel trend of accumulation among whale wallets.
Whale Transactions Spike 216% $SHIB has also experienced a 216% increase in large transaction volume over the past 24 hours—with "large" defined as individual transactions exceeding $100,000. This surge underscores heightened whale activity and potential positioning for a bigger market move.
Price Action Update: What's Next for SHIB?
At the time of writing, $SHIB is trading at $0.0000131, down 0.56% in the last 24 hours but up from its recent May 31 low of $0.00001226.
SHIB met resistance at $0.00001345 during Tuesday’s session. Looking ahead:
Key Resistance: A break above the 50-day SMA at $0.00001387 could unlock further upside.
Long-Term Target: A push beyond the 200-day SMA at $0.00001764 may signal the start of a more sustained uptrend.
Support Level: If bearish momentum resumes, $0.00001 remains a critical support zone.