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On January 7, 2025, Shiba Inu (SHIB) saw a significant surge in whale activity, with 33.59 trillion SHIB tokens worth $739 million entering the market. This on-chain movement occurred during a broader crypto market downturn, highlighting its uniqueness. However, a deeper analysis revealed that these inflows were tied to Crypto.com’s internal transactions rather than genuine whale accumulation.
Record-Breaking SHIB Inflows
During a time when the crypto market is grappling with declining asset prices, Shiba Inu stood out by recording one of its largest single-day inflows from major holders. The transferred tokens represented 5.7% of SHIB’s circulating supply, a figure well beyond the usual daily activity of around 600 billion tokens. Despite this substantial movement, SHIB’s price dropped by 9.38%, marking its steepest daily loss since December 2024.
Internal Transactions Drive Activity
Further analysis showed that the influx of SHIB tokens was not due to whale accumulation but rather Crypto.com’s internal fund transfers. Over 20 transactions, the platform moved 32 trillion SHIB tokens to a single unidentified wallet. These internal operations were part of Crypto.com’s routine activity and did not reflect external market purchases. Consequently, the inflows were not indicative of heightened investor demand.
Broader Market Trends
Amid these developments, the broader crypto market experienced significant pressure. Bitcoin fell to $94,000, leading to $627 million in liquidations, with Shiba Inu accounting for $1.57 million of these. Notably, $1.39 million of SHIB’s liquidations stemmed from long positions, further emphasizing the bearish sentiment.
Investor Outlook
While the massive inflow of SHIB tokens may have initially sparked curiosity, the revelation that it was due to internal transactions has tempered expectations. As the overall market remains under downward pressure, SHIB investors are cautiously awaiting signs of recovery.
Turkish NY Radio will continue to monitor and report on Shiba Inu and the broader crypto market trends, providing timely updates for its readers.
