Dog-themed cryptocurrency Shiba Inu has witnessed outflows of 719 billion SHIB in the last 24 hours, which have been linked to large holders, or whales. According to IntoTheBlock data, Large Holders Outflow, which tracks funds leaving addresses belonging to whales or large holders, totaled 719 billion SHIB in the past day.
Large Holders Outflow can help detect instances of panic. Spikes in outflows can indicate two things: first, selling from whale addresses, and second, withdrawals from exchanges.
Large holders may be more likely to sell assets during periods of extreme volatility to cover loans and prevent liquidation. However, because exchanges are among the largest holders, large outflows might be funds leaving exchanges.
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Large Holders Outflow, Courtesy: IntoTheBlock
The crypto market has faced selling pressure since the start of the week. Thus, the outflow of SHIB tokens indicates that whales, or large holders, might be selling in response to the current market uncertainty or shifting their holdings to cold wallets, which is bullish because it signals long-term holdings.
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Thu, 02/27/2025 - 11:47 Did Shiba Inu (SHIB) Whales Just Disappear?
Arman Shirinyan
Notably, Shiba Inu large holder outflows jumped to 780 billion SHIB on Monday following a market crash that resulted in nearly $1.5 billion in liquidations. Daily large holder outflows have stayed around here since that time, reaching 823 billion SHIB on Feb. 24 before dropping to 719 billion SHIB in the last 24 hours.
SHIB price in green
At the time of writing, SHIB was in the green amid mixed trading price action on the crypto market, which saw most crypto assets trade at losses. SHIB was up 2.57% in the last 24 hours to $0.0000146.
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Tue, 02/25/2025 - 15:22 Shiba Inu Price Alert: Losing This Support Could Add Zero
Tomiwabold Olajide
Major cryptocurrencies XRP, BNB Chain’s BNB, Cardano’s ADA and Dogecoin (DOGE) were in the red, with bullish bets on futures recording over $598 million in liquidations. The total crypto liquidations in the last 24 hours came to $775 million.
Shiba Inu started to rebound from Tuesday's low of $0.000013 following Monday's drastic drop and has marked two straight days of gains already. It would mark the third consecutive day of gains if today closes in the green.
The first sign of strength for Shiba Inu bulls would be a decisive break above the daily moving averages of 50 and 200 at $0.0000179 and $0.0000192, respectively.
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