Shiba Inu (SHIB) Experiences an Incredible 1,510% Surge in Key Metric, But There’s a Catch

Exciting news alert! The meme-inspired cryptocurrency Shiba Inu (SHIB) recently made headlines with an incredible surge in an important on-chain metric in just 24 hours.

Data from IntoTheBlock reveals that the Large Holders Outflow metric shot up from 60.44 billion SHIB to a staggering 967.33 billion SHIB, showing a remarkable 1,510% increase.

This metric is key in monitoring the movement of funds leaving addresses held by whales or big investors who own over 0.1% of the circulating supply. Such huge jumps in outflows often raise red flags, hinting at potential panic-driven selling.

Source: IntoTheBlock

However, it could also indicate significant withdrawals from exchanges, which is usually a positive sign.

How does this impact Shiba Inu (SHIB) price?

The surge in outflows can be interpreted in various ways. It might suggest large holders are selling off assets to manage risk during volatile market conditions.

SHIB to USD by CoinMarketCap

On the flip side, the movement of funds from exchanges, which often hold large amounts of cryptocurrency, could indicate a change in trading tactics or investor sentiment.

Despite the significant outflow increase, Shiba Inu’s price saw a slight dip, down 1.63% during the same period. Yet, this setback doesn’t seem to have a lasting impact as the cryptocurrency quickly bounced back, rising by an impressive 3% within just a day.

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