Shiba Inu (SHIB), a popular meme-based cryptocurrency, continues to face dramatic changes both in its market performance and on-chain activities. A notable event occurred recently with a 99.5% drop in bullish whale activity within just one day.
Significant Whale Inflow Collapses
Two days ago, large investors holding at least 0.1% of SHIB’s total supply saw their net inflow of tokens rise sharply. According to data from IntoTheBlock, this figure surged from 60.75 billion tokens to 2.97 trillion.
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However, the inflow plummeted to a mere 14.8 billion tokens today, marking the lowest level of the week. The analysis shows minimal changes in token outflows from these wallets during the same period.
Source: IntoTheBlock
Despite this, inflow levels showed significant volatility. Initially, inflows jumped by nearly three trillion SHIB tokens daily before dropping to 760.82 billion tokens.
Price Reacts to Whale Movements
As whale inflows surged, SHIB’s price increased by over 6%, demonstrating the impact of large-scale buying activity. Once inflows normalized, the token’s price stabilized, trading with a slight decline of 2.32%. This stability suggests limited selling pressure from major investors, which helped avoid a severe price drop.
Source: CoinMarketCap
The sharp decline in net flows primarily reflects the correction of an unusual spike in inflows rather than a mass exodus of whale holdings. This indicates ongoing interest from large investors, with purchases reaching approximately $66 million daily.
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The lack of significant outflows further supports a positive outlook for SHIB, as it avoids the risk of a large-scale sell-off. While the on-chain activity of Shiba Inu whales has experienced fluctuations, the market impact remains manageable.
With continued interest from prominent investors and limited selling pressure, SHIB’s price stability offers reassurance to its supporters.
