- SHIB’s trend remained positive despite its ongoing decline.
There was a massive sell-off, led by a wallet that had been dormant.
As a researcher with experience in tracking crypto market trends and whale transactions, I find the recent Shiba Inu [SHIB] event intriguing. Although there was a massive sell-off led by an old wallet that had been dormant for over three years, SHIB’s trend remained positive despite its ongoing decline.
As an analyst, I’ve noticed a significant transaction in the Shiba Inu (SHIB) blockchain. An older wallet, holding a considerable amount of SHIB tokens, decided to sell its entire stock recently. Consequently, the timing of this sale yielded a substantial profit for the savvy investor behind that wallet.
However, it remains to be seen how this sell-off will affect the exchange flow of the memecoin.
Shiba Inu wallet makes a massive move
Based on information from Lookonchain, a wallet associated with a Shiba Inu investor who hadn’t engaged in any transactions for more than three years suddenly became active and carried out a large transaction.
In the year 2021, this wallet purchased a massive amount of Shibaswap tokens (SHIB), to be exact, 48.09 billion SHIB. The cost for this acquisition was equivalent to 2 Ether, which at the time held approximately $2,625 in value.
On the 27th of May, the wallet successfully sold all its assets, amounting to 278.7 Ether, which was roughly equivalent to a million dollars at that time. This sale resulted in an astonishing return of over 400 times the initial investment. This action was taken during a surge in popularity for memecoins.
How Shiba Inu exchange flow trended
On May 27th, AMBCrypto conducted an examination uncovering a substantial injection of approximately 510 billion SHIB tokens into Shiba Inu’s ecosystem. This discovery implied that there were additional sizable withdrawals beyond the 48 billion SHIB coins offloaded by a prominent whale wallet.
Although this wasn’t the highest recent inflow, it was among the top.
On the contrary, the outflow examination revealed that a total of 236 billion SHIB were transferred out of exchanges on that particular day, implying that more SHIB were offloaded than obtained during that time.
As a financial analyst, I’d like to point out that the current Shiba Inu coin inflow amounts to around 45.7 billion coins. However, the outflow surpasses this figure with over 57.1 billion coins.
As an analyst, I would describe this situation by saying that the exchange outflows for SHIB surpassed the inflows, resulting in a total exchange flow imbalance of approximately negative 11.4 billion tokens. In simpler terms, more SHIB tokens were taken out of exchanges than were put in.
SHIB’s trend stays positive
As a researcher studying the cryptocurrency market, I have conducted an analysis focusing on the daily time frame of Shiba Inu’s price movements. The findings indicate that this digital asset has undergone multiple downtrends in recent periods.
As a crypto investor, I can observe that the price of this asset hovers above its short-term moving average (represented by the yellow line). This signifies that despite some bearish trends, the overall direction of the asset’s price movement remains mostly positive.
Read Shiba Inu (SHIB) Price Prediction 2024-2025
As a researcher studying cryptocurrency market trends, I’ve come across an interesting observation from AMBCrypto’s analysis. According to their findings, there was a significant sell-off by a large investor, or “whale,” in the Shiba Inu (SHIB) market on May 27th. Despite this selling pressure, SHIB still managed to close the day with a gain of 4.81%.
Although SHIB experienced a drop of more than 2% when this statement was composed, it continued to trade above the yellow line.
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2024-05-28 18:15