SHIB Whales Move 25.5B Tokens Amid Price Decline
Key Takeaways
- 25.5 billion Shiba Inu (SHIB) were transferred within a few hours.
- Whales continue to show high activity, but the downward trend persists.
- On-chain data indicates a mix of accumulation and selling.
- SHIB’s price has fallen 43% since January, despite large exchange withdrawals.
- The control by a few large wallets contributes to market volatility.
High Whale Activity Despite Falling Prices
Recent on-chain data shows that large SHIB transfers are still occurring. Within a few hours, 25.5 billion SHIB changed hands. Despite these movements, the price has not stabilized.
Wallets holding between $1 million and $10 million in SHIB recently reduced their holdings by 31% in a single day. This led to strong selling pressure, pushing the price below $0.000014.
Whales Are Returning – What Does This Mean?
After a period of declining net inflows, large SHIB holders are becoming active again. Blockchain data from Etherscan shows several large transactions, some exceeding 7 billion SHIB. These transfers involve major exchanges like Binance and OKX.
On-Chain Data Shows Massive Withdrawals
According to CryptoQuant data, significant amounts of SHIB have been withdrawn from exchanges in recent months:
- January 7: 33.48 trillion SHIB
- February 3: 4.53 trillion SHIB
- March 20: 5.55 trillion SHIB
Typically, such withdrawals reduce selling pressure and stabilize the price. However, despite these movements, SHIB has fallen 43% since January. This suggests that selling pressure remains dominant.
Accumulation or Strategic Reallocation?
Data from IntoTheBlock shows fluctuating behavior among large SHIB holders:
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- February 28: Net inflow of 1.16 trillion SHIB (accumulation)
- March 12: Net outflow of 561.99 billion SHIB (selling pressure)
- March 19: Net inflow of 143.81 billion SHIB (renewed holding interest)
These fluctuations suggest that whales are actively managing their holdings rather than accumulating for the long term.
A Few Wallets Control the Majority of Supply
Only five addresses hold 58.39% of the total SHIB supply, with a single wallet owning 41.68%. This concentration contributes to volatility, as large movements can significantly impact the market.
More SHIB Holders, But No Impact on Price
The number of SHIB holders has surpassed 1.5 million, according to official data. On-chain data shows an increase in active addresses from 1.37 million in December to 1.39 million in March.
Despite this growth, the price remains trapped in a range between $0.000010 and $0.000020. This suggests that new addresses are not bringing significant new liquidity into the market.
Our Assessment
Recent whale activity does not indicate clear accumulation but rather a strategic reallocation of holdings. Large withdrawals from exchanges have not reduced selling pressure, and SHIB remains in a downtrend.
The high concentration of SHIB in a few wallets creates uncertainty. If accumulation behavior changes, a recovery could be possible. Otherwise, renewed selling pressure could push the price even lower.
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