Shiba Inu sees massive transfers – Was SHIB affected?
- Over 355 billion SHIB tokens were transferred between unknown wallets.
- SHIB drops in price for the first time in days.
Shiba Inu [SHIB] experienced a significant surge in activity lately, leading to its trading volume reaching the highest level in months. An analysis of this surge reveals the trading activity’s direction.
Billions of Shiba Inu moved
This transaction did not go unnoticed, as it resulted in a noticeable reaction in volume. According to Santiment’s volume metric, SHIB experienced a significant surge, with the volume going over $88.5 million on 6th December.
Furthermore, examining the volume trend over the past few months showed that this represented the highest SHIB volume in months. The chart showed a similarity to a volume increase observed around August.
The latest update showed that the volume was around $439 million. CoinMarketCap data showed a fall of over 40% in volume within the last 24 hours.
Exchange flow shows a high Shiba Inu outflow
Analyzing Shiba Inu Exchange Netflow on CryptoQuant provided insights into the recent token transfer’s direction.
As of the 6th of December, the chart showed a negative exchange flow, signifying that more SHIB tokens left the exchanges.
The Exchange Netflow, on that date, was around 970 million. This indicated that the observed transfer, reflected in the volume surge, involved tokens moving out of exchanges.
However, the situation has since changed, and as of the current update, there has been a reversal in trend.
The Exchange Netflow was now positive, with around 163 million inflows recorded. It’s worth noting that the direction of the SHIB flow also had a distinct impact on the price trend.
How the SHIB price trended
By the close of trading on 6th December, Shiba Inu had recorded a notable increase in value, surpassing 2%.
Also, this contributed to a series of consecutive upward trends. However, as of this writing, there has been a reversal, with the value declining by over 1%.
How much are 1,10,100 SHIBs worth today
Notably, this marked the first instance of a price decline since around 30th November.
Additionally, an examination of the exchange flow indicated that this was the initial occurrence of a substantial positive flow since 30th November. This reinforces the evident correlation between the exchange flow and the direction of the price movement.