- More than 355 billion SHIB tokens were transferred between unknown wallets.
- SHIB drops in price for the first time in days.
Shiba Inu [SHIB] has seen a significant increase in activity recently, driving trading volume to its highest level in months. An analysis of this increase reveals the direction of trading activity.
Billions of Shiba Inu have moved
Etherscan analysis showed a substantial transfer of Shiba Inu tokens, with more than 355.6 billion SHIB tokens moved to an unidentified wallet address.
This transaction did not go unnoticed, as there was a noticeable volume response. According to Santiment’s volume metric, SHIB saw a significant increase, with volume exceeding $88.5 million on December 6.
Additionally, examination of the volume trend over the past few months revealed that this represented the highest SHIB volume in months. The graph showed similarity to a volume increase seen around August.
The last update showed that volume was approximately $439 million. CoinMarketCap data showed a volume drop of more than 40% in the last 24 hours.
The exchange current shows a high outflow of Shiba Inu
Analyzing Shiba Inu Exchange Netflow on CryptoQuant provided insights into the direction of the recent token transfer.
From December 6, the chart showed a negative exchange rate flow, which meant more SHIB tokens left the exchanges.
The Exchange Netflow on that date was approximately 970 million. This indicated that the observed transfer, reflected in the increase in volume, involved tokens disappearing from exchanges.
Source: CryptoQuant
However, the situation has changed since then and as of the current update there has been a trend reversal.
The Exchange Netflow was now positive, with recorded inflows of approximately 163 million. It is worth noting that the direction of SHIB flow also had a clear influence on price development.
How the SHIB Prize developed
By the end of trading on December 6, Shiba Inu had registered a remarkable increase in value of more than 2%.
This has also contributed to a series of consecutive upward trends. However, at the time of writing, a turnaround has taken place, with the value falling by more than 1%.
Source: TradingView
How many Worth 1,10,100 SHIBs Today
Notably, this was the first example of a price drop since around November 30.
Furthermore, an examination of the exchange rate flow showed that this was the first time that there had been a substantial positive flow since November 30. This reinforces the clear correlation between exchange flow and the direction of price movement.
