Over the last 24 hours, a concerning trend in the actions of prominent investors with relation to the well-known cryptocurrency Shiba Inu (SHIB), which is based on memes, has been exposed. Shiba Inu’s net token flow has now fallen into negative territory during the last day, going from 205.85 billion SHIB to -155.45 billion SHIB, or a decrease of 361.3 billion tokens, as shown by statistics from IntoTheBlock.
A closer look of the measures reveals that net outflows increased by 117% to 2.83 trillion SHIB over the reviewed period. But inflows also rose by 77.48%, bringing the day’s total to SHIB 2.68 trillion. Crucially, metrics are only calculated for addresses that possess at least 0.1% of the total number of Shiba Inu tokens in circulation.
The data indicates that the majority of significant players, or a minority of the largest SHIB holders, are now trending towards selling the tokens in their portfolios.
Shiba Inu (SHIB) price: What’s next?
The Shiba Inu token’s price has increased 41% from the start of November, and if we include the month’s lows and highs, we find that it has risen more than 86%.
According to this perspective, the current actions of the so-called whales indicate that they are not in a rush to purchase the token in the first place. However, this does not imply that the selling tendency is as robust.
It is probably important to wait for events on the price chart of the well-known meme cryptocurrency before resuming any definitive behaviour or decision-making. We’ll see what they decide to do with the token once the price of SHIB reaches a certain level where it would be feasible to make informed investment decisions for large sums of money.
