Shiba Inu, one of the most popular meme-themed altcoins, was negatively impacted by the bear season in the cryptocurrency markets. On-chain data reveals an interesting situation for SHIB, which has not been able to show a divergent performance in the increasing altcoin activity in recent days.
Volume in large Shiba Inu (SHIB) transactions doubled on Monday, July 3, 2023, totaling $15.72 million, according to IntoTheBlock data. Increase in transaction volumesAlthough the coin has developed in parallel with the general altcoin activity, the situation is not encouraging on the whales side.
Shiba Inu (SHIB) whalesAccording to the data, significant amounts of tokens have been removed from their wallets. According to the data received yesterday, it was observed that 901.4 billion tokens were withdrawn from the wallets. The increasing amount of tokens on major cryptocurrency exchanges also strengthens the possibility of potential sales.
However, the outflow movements of whales or large wallets can be due to different reasons. It can also be said that if the recent upward movement in altcoin prices is permanent, these data will not be sales-oriented.
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