Shiba Inu (SHIB) Whale Transactions Surge 361% in 24 Hours, But Data Shows Bearish Undertones

The latest data from IntoTheBlock shows that large-scale transactions in Shiba Inu (SHIB) have increased by over 361% in the past 24 hours.

Large-scale transactions in Shiba Inu (SHIB) have surged by over 361% in the past 24 hours, according to the latest data from IntoTheBlock. The number of transactions in USD went from $10.95 million to $39.6 million, with the total amount of SHIB going from 628.55 billion to 2.34 trillion tokens.

This marks a significant increase in SHIB activity among big holders, who made 147 transactions over $100,000 in the indicated time period. The surge in major SHIB transactions suggests that large investors, also known as "whales," are getting more interested in the popular meme-based cryptocurrency.

However, the trends in large holder netflow indicate a bearish undertone to this activity. During the period we reviewed, the metric went from a positive inflow of 79.95 billion SHIB to a negative outflow of 575.3 billion SHIB.

This change in netflow suggests that large holders may be selling SHIB instead of buying it, which would explain the bearish nature of these movements based on current on-chain data. It seems that large players are moving SHIB holdings out of their wallets rather than accumulating, which raises questions about the possibility of anything bullish for SHIB in the foreseable future.