A previously inactive Shiba Inu whale withdrew 220 billion SHIB, worth $4.63 million, from Binance. This reactivation occurred after five months of inactivity, drawing attention to the whale’s address, 0xBf93560b1a6075…. Recent data from Lookonchain highlighted this significant transaction, adding to the concerns about Shiba Inu’s ongoing price struggles.
Shiba Inu’s price has seen a downward trend in December, dropping 25% over the month. Although the token gained 5% in the past 24 hours, it remains 7.7% lower over the last two weeks. This slight recovery reduced the weekly loss to 0.54%, but the overall sentiment stayed bearish.
Whale Activity Adds to Concerns
The whale’s transaction history shows consistent activity over time. Around 146 days ago, the same address received 65.28 billion SHIB and transferred 1 million SHIB. Five days later, it received another 64.52 billion SHIB. These movements align with data from IntoTheBlock, which indicates increasing outflows from large holders.
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Large outflows surged by 627.85% in the past week alone, reflecting heightened distribution activity. Over the last month, outflows grew by 121.61%, while a 90-day period recorded a 108.23% rise. This trend suggests that major stakeholders might be reallocating funds or losing confidence in the token.
Community Maintains Token Burn Efforts
Amid these challenges, the Shiba Inu community continued its token-burning initiatives. Throughout 2024, they burned 44.6 billion SHIB, valued at approximately $991,090 based on current prices. December alone saw the destruction of 2.67 billion SHIB through 143 transactions.
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These burn efforts, while significant, occurred at fluctuating price points. Despite these contributions, consistent whale activity and declining prices remain hurdles for SHIB’s recovery.
The combination of increased whale outflows, declining prices, and community burn efforts paints a mixed picture for Shiba Inu. While the burns signal dedication from its supporters, the whale’s recent withdrawal underscores the uncertainty in SHIB’s market dynamics.
