$10 Billion SHIB Whale Influx Fuels Price Volatility Concerns
Shiba Inu's (SHIB) popularity has seen a resurgence among whales, according to on-chain data. The top 10 largest inflow transactions into exchanges totaled $10.44 billion in SHIB over the past 24 hours, representing a 1.51% increase.
The influx of tokens arriving on exchanges is significant, and it raises questions about the current sentiment among these large-scale investors. SHIB's price has regained volatility, with an average inflow per transaction rising to $1.94 billion, compared to $713.26 million for outflows.
Exchange reserves sit at 87.66 trillion SHIB, up a marginal 0.05%, while their dollar value is around $505.77 million, down 0.81%. The price of SHIB has pulled back from the $0.00000627 high reached in late September and is currently holding just above the 200-day moving average near $0.00000565.
Whale inflows to exchanges can be interpreted as either a warning sign or a signal for potential accumulation or liquidity provision, especially when price is holding support.