Shiba Inu (SHIB), the meme-inspired crypto, has seen a significant influx of tokens into major wallets in the last 24 hours.
According to research firm IntoTheBlock, 4.8 trillion SHIB tokens, the native currency of the Shiba Inu network, have made their way into wallets that hold at least 0.1% of the total supply.
This represented a staggering 375% increase in a single day when compared to token flows observed just 24 hours prior.
Outflows from these large wallets, known colloquially as “whales” in crypto jargon, took a different path. During the same 24-hour period, outflows decreased by 60.4%, totaling 835.93 billion SHIB.
As a result, the net inflow, calculated by subtracting outflows from inflows, shifted from negative to positive, reaching 3.97 trillion SHIB. This reversal contrasts sharply with the previous day’s negative net flow of -831.71 billion SHIB.
The driving forces behind this surge in whale activity remain unknown. Some market observers speculate that prominent token holders may see the current price levels as an advantageous time to accumulate more SHIB, implying a potential belief in the token’s future appreciation.
However, reaching firm conclusions is difficult. Another line of thought is that the Shiba Inu team will announce ecosystem development later this week.
Some speculate that the increase in whale activity is due to insider knowledge or strategic positioning in anticipation of significant developments.
Meanwhile, over the same 24-hour period, the price of SHIB increased by 2%, trading at around $0.00001044. This upward movement occurs in the context of a broader downturn in the crypto market, which has seen prices fall across various digital assets over the last month.
The intriguing surge in token movements has the Shiba Inu community and crypto enthusiasts speculating about possible catalysts for this sudden activity.