Fresh Wallets Amass 18B+ Shiba Inu In 14 Days As Exchange Outflows Hit 120B

On-chain data suggests new Shiba Inu wallets have accumulated over 18 billion tokens in the last two weeks, as exchange outflows amount to 120 billion SHIB today.

These details come from data presented by the on-chain analytical resource NerdBot. Insights recently shared by the Telegram-based bot show a persistent accumulation trend among new wallets.

Per the data, this pattern has continued since Sept. 20, indicating growing interest in Shiba Inu. However, from Sept. 20 to 24, the accumulation rate remained reasonably low, with each day witnessing cumulative purchases below 500 million SHIB.

This low accumulation rate stopped on Sept. 25, with Shiba Inu observing a cumulative purchase above 5 billion tokens that day. This could represent a readiness among investors to leverage the asset’s downturn amid hopes of a rebound, as it surged to $0.00000751 the previous day before facing a setback.

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The 5 billion cumulative figure witnessed on Sept. 25 is the highest intraday amount over the past two weeks. Accumulation remained steady after that day, but they plummeted below the 2 billion SHIB mark. 

Nonetheless, the accumulation picked up as September came to a close, staying above the 3 billion mark from Sept. 30 to Oct. 2. Despite another drop, the latest data brings the accumulation amount to over 18 billion SHIB in the past 14 days.

Exchange Outflows Cross 120 Billion 

Further data from NerdBot reveals that exchange netflows took a nosedive today, hitting the highest negative value since Sept. 25. Exchange netflows represent the cumulative value of inflows and outflows recorded on exchanges on a specific day.

Netflows had remained positive over the past two days before flipping today. So far, netflows have amounted to an outflow value of 120 billion. This trend is bullish because negative netflows indicate more investors are taking their tokens out of exchanges.

NerdBot also disclosed that a particular fresh whale, 0xb75, has withdrawn 292.5 billion Shiba Inu tokens from America’s largest exchange, Coinbase, over the past three weeks. 

Meanwhile, Shiba Inu has plummeted with the rest of the crypto market amid this trend. SHIB is down 0.69% over the past 24 hours, changing hands at $0.00000721 as of press time. The asset has continued to face declines since hitting the high of $0.00000761 on Oct. 2.