Shiba Inu whales have transferred more than 4 trillion SHIB tokens worth $103 million to cryptocurrency exchanges over the course of two weeks, intensifying selling pressure, as per data from market veteran Ali Martinez. Martinez confirmed that exchanges have been receiving increasing amounts of SHIB tokens since mid-May, following a period of consistent outflows. Notably, this trend coincided with a significant decline in the value of Shiba Inu, dropping 27% in a week. Despite this, whales and sharks continued to withdraw their assets from exchanges, potentially for long-term storage in self-custodial wallets. However, after this period of outflows, investors began depositing their tokens back into exchanges, resulting in over 4 trillion tokens being moved within the past two weeks. CryptoQuant data supports this surge in inflows, with Shiba Inu’s exchange reserve now accounting for 26% of its circulating supply. Additionally, CryptoQuant’s Exchange Netflow metric reveals that Shiba Inu experienced substantial spikes in positive netflows at the end of May, coinciding with a 169% increase in transaction volume. Specifically, exchanges recorded netflows of 607.8 billion SHIB on May 27, 1.069 trillion tokens on May 28, and 1.058 trillion on May 29, amounting to a total of 2.744 trillion tokens within three days. This marks the largest cluster of positive netflows since late February. Despite a recent drop in exchange reserve, the value remains high, reaching its highest point in almost two months. Interestingly, a similar spike in positive netflows occurred in late February, preceding a significant increase in value for Shiba Inu. At present, Shiba Inu is experiencing a correction in its recent gains, with a 6% decrease in value since yesterday. It is currently trading at $0.00002588 and aiming to surpass the upper Bollinger Band at $0.00002746 to potentially retest $0.00003. Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
