Shiba Inu Whale Outflows Skyrocket 992% — What’s Going On?
Shiba Inu (SHIB) is turning heads once again as on-chain data reveals a dramatic 992% spike in whale outflows this week, fueling intense speculation within the crypto community.
According to data from IntoTheBlock, the amount of SHIB leaving large holder wallets surged from 105.39 billion SHIB on June 1 to over 1.07 trillion SHIB by June 3. This metric, known as Large Holders Outflow, tracks coins exiting wallets owned by whales or major holders.
Such a sharp increase in outflows can mean one of two things:
1. Whales could be selling their holdings, triggering concerns of a possible price dip.
2. Alternatively, it may indicate that whales are transferring their SHIB to cold wallets—a sign they’re choosing to hold for the long term rather than sell. If that’s the case, it’s a bullish signal for SHIB, reflecting confidence in future price growth.
Interestingly, this outflow spike coincided with a 206% rise in large holder inflows, meaning substantial amounts of SHIB also moved into whale wallets. This back-and-forth movement suggests intense activity and repositioning among large holders.
Further adding to the buzz, SHIB saw a 216% increase in large transaction volume over the past 24 hours. These large transactions—typically above $100,000—point to heightened whale activity and a potential shift in market sentiment.
SHIB Price Update
As of now, SHIB is trading at $0.0000131, down slightly by 0.56% in the last 24 hours. However, it’s showing signs of strength after rebounding from a low of $0.00001226 on May 31.
SHIB met resistance at $0.00001345 during Tuesday’s trading session. A key level to watch in the near term is the 50-day simple moving average (SMA) at $0.00001387. A strong move above this could pave the way for a bullish breakout.
Looking further ahead, a break past the 200-day SMA at $0.00001764 could signal the start of a new uptrend. However, if selling pressure builds, SHIB may test support around $0.00001.
