In an unexpected twist, the Shiba Inu (SHIB) token has witnessed an extraordinary influx of whale activity, with a jaw-dropping $110 million worth of transactions in just 24 hours, according to data from on-chain portal IntoTheBlock. This surge represents a remarkable 275% increase and accounts for a staggering 7.22 trillion SHIB tokens.
Interestingly, this surge in whale activity comes at a time when the Shiba Inu token experienced a significant price drop of over 11%, falling from $0.00001195 to $0.00001 in the span of a day.
Despite the market downturn, large players engaged in 186 transactions, each with a volume of at least $100,000, resulting in a total volume of 10.72 trillion SHIB tokens.
Surprisingly, data from Large Holders Inflow indicates that major players in the SHIB market did not unload their holdings during this period. In fact, they increased their positions by a staggering 6.32 trillion SHIB, representing a remarkable 407% surge compared to the previous day.
The apparent paradox of rising whale activity amid a price decline suggests a strategic move by significant participants. It seems that after SHIB’s impressive 45% price surge since the beginning of December, many market participants decided to capitalize on their gains, triggering the recent sell-off.
However, on-chain statistics paint a different picture, revealing that the most significant players not only weathered the storm but actively accumulated more SHIB during this period.