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The dog-inspired cryptocurrency Shiba Inu has witnessed an outflow of 719 billion SHIB over the last 24 hours, associated with significant holders or whales. According to information from IntoTheBlock, which monitors the fund movements of whale accounts, the cumulative outflow from these major holders reached 719 billion SHIB in the previous day.
Such withdrawals from major holders can signify a sense of panic. An increase in outflows may indicate two possibilities: either a sell-off from whale accounts or withdrawals from trading platforms.
During periods of high volatility, major holders may be more likely to liquidate assets to settle debts and prevent liquidation. However, since exchanges are among the largest holders, substantial outflows could imply that funds are departing from these platforms.
Since the start of this week, the cryptocurrency market has encountered selling pressure. Consequently, the outflow of SHIB tokens suggests that whales or major holders might be responding to the prevailing market instability by liquidating their assets or moving their holdings to cold storage, which is perceived as a positive sign, indicating they are committed for the long term.
Importantly, following the market downturn on Monday, the outflow of Shiba Inu from significant holders soared to 780 billion SHIB, resulting in nearly $1.5 billion in liquidations. Since that time, daily outflows from major holders have remained consistent at this level, reaching 823 billion SHIB in February.
Within the last day, the total market value of SHIB has fallen to $71 billion.
SHIB Price Recovery
At the moment of this report, even though the majority of cryptocurrencies are experiencing downturns, SHIB has demonstrated impressive resilience amid the fluctuations in the crypto landscape. Over the past 24 hours, SHIB has increased by 2.57%, reaching a price of $0.0000146.
Prominent cryptocurrencies like XRP, BNB from the Binance Smart Chain, Cardano’s ADA, and Dogecoin (DOGE) have all seen reductions, with optimistic positions in the futures market resulting in more than $598 million in liquidations. The overall liquidation total in the cryptocurrency sector in the last 24 hours has amounted to $775 million.
After dipping to $0.000013 on Tuesday, Shiba Inu started to recover, having gained for two consecutive days following a steep drop on Monday. Should it continue to rise by the end of today, it will signify a third straight day of increases.
A significant indicator for Three Justifications Why the Cost of Shiba Inu Coin Might Ascend by 60% Inu supporters would be surpassing the 50-day and 200-day moving averages, which stand at $0.0000179 and $0.0000192, respectively.
