Something changed in the Shiba Inu (SHIB) market overnight, but it was not the price. On July 27, outflows from large holder wallets barely registered at 9.27 billion SHIB, according to IntoTheBlock. Just one day later, that figure had exploded to 798.22 billion SHIB, marking a staggering 8,866% increase in outflow volume.
Surprisingly, however, the token’s price did not follow suit, finding itself between $0.000014 and $0.000013.
Here is where it gets interesting: these "large holders," as defined by IntoTheBlock, are wallets holding more than 0.1% of SHIB’s total supply. This includes institutional whales and heavyweight investors, but more often than not, it also includes centralized exchanges.
A quick look at the top holders confirms this: Coinbase, Binance, Robinhood and Upbit collectively hold tens of trillions of SHIB, accounting for a significant proportion of the total circulating supply. This suggests that the recent spike may not be a sign of panic-selling, but rather retail users pulling their tokens off exchanges.
In that context, the move leans more bullish than bearish. Whether for staking, cold storage or DeFi positioning, large-scale withdrawals from exchange wallets typically reflect growing confidence and long-term commitment.
Timing is everything for SHIB
The surge in outflows came after a week of minimal activity, suggesting a change in wallet behavior. While price remained flat, these structural perturbations often precede volatility. If history is any guide, whales — or more accurately, the platforms that host them — do not move this much liquidity without reason.
So, while there are no immediate fireworks on the chart, SHIB's on-chain data has just lit a fuse. Whether this will spark a rally or trigger another wave of redistribution remains to be seen, but either way, the major players have just made their move.
