- Significant whale transactions have been recorded for Shiba Inu, with over 705.9 billion tokens moved from exchanges in 24 hours.
- These movements coincide with a mild market rebound, with Shiba Inu showing early signs of recovery, outperforming Bitcoin in recent gains.
- The outflows from exchanges, totaling $16.5 million in Shiba Inu, suggest strong holding sentiment among investors.
Shiba Inu has experienced substantial withdrawals from cryptocurrency exchanges, with 705.9 billion tokens worth over $16.5 million moved out within just 24 hours. This activity, recorded by on-chain analytics firm Arkham Intelligence, aligns with a budding price rebound for Shiba Inu amidst a broader market upswing.
Detailed Shiba Inu Whale Transactions and Exchange Outflows
The movement of such a vast number of SHIB tokens includes several large transactions between unknown wallets and into various exchanges. Notably, Arkham Intelligence tracked significant outflows from exchanges, highlighting a trend where investors are moving assets to self-custodial solutions—a move that generally reduces selling pressure on the market.
- Largest Withdrawals: The most substantial single transaction saw 343.5 billion SHIB, valued at approximately $7.92 million, being withdrawn from a Coinbase hot wallet. This wallet typically handles user withdrawal requests from the exchange.
- Other Notable Movements: There were also major withdrawals from B2C2 Group and Kraken. For instance, one transaction from B2C2 involved 100 billion SHIB worth $2.31 million, and another transferred 88.1 billion SHIB to Robinhood. Meanwhile, Kraken saw two significant outflows amounting to nearly $4 million.
Market Impact of Outflows
These withdrawals occur as Shiba Inu shows signs of recovery from recent losses, now trading at $0.00002347, with a 3.3% gain in the last 24 hours. This subtle yet notable increase surpasses Bitcoin’s 2.65% rise during the same period.
The timing and scale of these transactions could play a crucial role in supporting Shiba Inu’s price stability and potential growth, as they suggest a strong holding sentiment among large-scale investors.
This month, despite a few days of net inflows, exchanges have seen a net outflow of 120.8 billion Shiba Inu tokens. The peak of these outflows was on May 1, with 265 billion SHIB withdrawn—the largest single-day outflow since April 17.
