U.Today - A significant transfer of 4.5 trillion Shiba Inu tokens, equivalent to $31.6 million, was recently spotted by as it moved between unknown wallets.
The price of the SHIB token is down 2.3% over the past 24 hours, according to CoinGecko data.
A peek into Shiba Inu's whale dynamics
According to from IntoTheBlock, SHIB's large holders continue to dominate a significant portion of the token's circulating supply.There are currently 12 whale addresses, each holding more than 1% of the circulating supply, combining to a staggering 63.48% or 623.48 trillion SHIB.
In contrast, there are 47 "investor" addresses, each holding between 0.1% and 1.0% of the supply, accounting for 14.22% or 139.68 trillion .
Such concentrated ownership often means that large transactions, like the one observed, can have ripple effects across the market.
The recent among large holders indicate a significant spike in interest, with inflows increasing by 1201.01% in the past seven days alone. Conversely, outflows saw a decrease of 28.61% during the same period.
Shiba Inu's price performance
When it comes to Shiba Inu's recent , SHIB is currently trading at $0.00000692 after experiencing a 2.4% drop.Despite its modest market rank at #19, its market cap stands robust at over $4 billion, with a 24-hour trading volume nearing $93 million.
However, as always with the cryptocurrency market, volatility is a constant companion. The recent whale activity shows that retail investors and traders should exercise caution.