In a striking turn of events, the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen an epic surge in a crucial on-chain metric in the span of just 24 hours.
In a striking turn of events, the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen an epic surge in a crucial on-chain metric in the span of just 24 hours.
According to data obtained by In the blockThe large holder outflow metric soared from 60.44 billion SHIB to a staggering 967.33 billion SHIB, marking an extraordinary increase of 1,510%.
The large holder outflow metric is critical to tracking the movement of funds leaving addresses held by whales or investors, each of whom own more than 0.1% of the circulating supply of the cryptocurrency. These monumental increases in capital outflows often raise red flags, hinting at possible panic-induced selling.
On the other hand, however, it can mean major withdrawals from exchanges, which is traditionally a bullish sign.
What does it mean for Shiba Inu (SHIB) price?
This increase in capital outflows can be interpreted in multiple ways. On the one hand, it may indicate that large holders are shedding assets amid increased market volatility to manage positions and avoid liquidations.
In contrast, the exodus of funds from exchanges, which often hold substantial amounts of cryptocurrencies, suggests a different narrative, possibly indicating a shift in trading strategies or investor sentiment.
Despite this monumental rise in the output metric, the Shiba Inu price saw a marginal pullback during the same period, witnessing a modest drop of 1.63%. However, this drop seems inconsequential, particularly in light of the cryptocurrency’s resilience, as it quickly recovered, rising an impressive 3% in one day.
