The cryptocurrency market has been in limbo. Prices are stagnant, and traders are waiting for a clear trend. But behind the scenes, big moves are happening, especially in Shiba Inu (SHIB).
Whales Accumulate Nearly 1 Trillion SHIB
According to IntoTheBlock, Shiba Inu whales added a massive 922.87 billion SHIB to their wallets within 24 hours. That’s double the amount accumulated the day before.
This accumulation came from wallets holding at least 0.1% of SHIB’s total circulating supply. On the surface, it seems like a bullish signal. However, the full picture is more complicated.
Massive Outflows Counter the Inflows
At the same time, 619.44 billion SHIB left these whale wallets. Despite the high outflows, the net flow remained positive at 303.43 billion SHIB. The previous day saw negative flows, so this shift is notable.
But does this mean SHIB is about to skyrocket? Not necessarily.
Are Exchanges the Real Whales?
A major issue is who controls these large SHIB wallets. Reports indicate that five wallets hold a staggering 565 trillion SHIB—95.8% of the circulating supply. And these wallets belong to crypto exchanges.
This raises concerns. Are whales accumulating SHIB for long-term gains, or are exchanges just shuffling liquidity? If these holdings belong to exchanges, retail investors shouldn’t expect an immediate price surge.
What’s Next for SHIB?
While the whale activity is significant, SHIB’s price remains under pressure. With uncertainty gripping the market, traders need to watch for real buying demand rather than internal transfers.
If SHIB gains traction beyond just whale wallets, bullish momentum could build. Until then, it’s wise to remain cautious.
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