- SHIB’s trend remained positive despite its ongoing decline.
- There was a massive sell-off, led by a wallet that had been dormant.
A recent Shiba Inu [SHIB] transaction attracted attention as an old wallet sold off all its holdings. This move resulted in a substantial profit for the wallet owner.
However, it remains to be seen how this sell-off will affect the exchange flow of the memecoin.
Shiba Inu wallet makes a massive move
According to data from Lookonchain, a Shiba Inu whale wallet that had been inactive for over three years recently made a significant move.
This wallet originally bought 48.09 billion SHIB in 2021 using 2 ETH, valued at approximately $2,625.
On 27th May, the wallet sold all its holdings for 278.7 ETH, worth around $1.1 million. This transaction resulted in a remarkable 419-fold gain. The move comes amid a rally in memecoins.
How Shiba Inu exchange flow trended
An analysis by AMBCrypto revealed a significant Shiba Inu inflow on 27th May, amounting to 510 billion SHIB. This indicated that there were other large outflows aside from the 48 billion SHIB a large whale wallet sold.
Although this wasn’t the highest recent inflow, it was among the top.
Conversely, the outflow analysis showed that 236 billion SHIB were moved out of exchanges on the same day, indicating that more SHIB were sold than bought.
At the time of writing, the inflow stood at approximately 45.7 billion SHIB, while the outflow was over 57.1 billion SHIB.
Source: Santiment
This resulted in a net exchange flow balance of around -11.4 billion, meaning more SHIBs were withdrawn from exchanges than sold.
SHIB’s trend stays positive
A daily time frame analysis of Shiba Inu showed that it has experienced several downtrends recently.
However, it has stayed above its short Moving Average (yellow line), indicating that its overall price trend is not entirely negative.
Source: TradingView
Read Shiba Inu (SHIB) Price Prediction 2024-2025
According to AMBCrypto’s analysis, the whale’s sell-off occurred when SHIB experienced an uptrend, closing 4.81% higher on 27th May.
Despite a decline of over 2% at the time of this writing, SHIB was still trading above the yellow line.