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On-chain monitoring by Arkham Intelligence has recorded a large movement of Shiba Inu ($SHIB) tokens on centralized exchanges. Over the past 24 hours, the net inflow, according to "On-Chain Exchange Flow" for $SHIB, amounted to about 474.494 billion tokens, equivalent to nearly $3 million at current prices.
Revolut lands 1.171 trillion $SHIB from Coinbase
The main share of inflows was attributed to Revolut, which, among other financial services, allows its users to trade cryptocurrencies, including Shiba Inu. Here, an inflow of more than 1.171 trillion $SHIB was recorded, equivalent to $6.94 million.
Further contributions came from Korean exchange Bithumb and the world’s largest crypto exchange Binance, each showing average inflows of about $1.5 million.
Outflows, in turn, were mainly driven by withdrawals from Coinbase Prime custody. Notably, the amount withdrawn was nearly identical to the inflow on Revolut, with only a one billion $SHIB difference. Additionally, Bitstamp was among the platforms, from which Shiba Inu tokens were withdrawn.
At the time the anomaly was detected, the price of $SHIB stood at $0.00000605, showing a daily increase of 5%.
What 494 billion in exchange flows mean for $SHIB's April performance
The inflow of nearly half a trillion $SHIB coincided with the start of April, which is historically considered moderately positive for the meme coin. According to CryptoRank, the average return for the month is 3.83%, although the median value remains negative at -2.4%.
The most successful April was recorded in 2021, when $SHIB increased by 69.4%, while in 2022-2024, the token declined by 22% and 26.9%, respectively.
Thus, the Shiba Inu market is currently facing a clash of two factors — an abnormal increase in exchange supply of 494 billion $SHIB and historically positive early-April seasonality. Further price dynamics will depend on whether this volume is sold into the order book or used by market makers and exchanges to provide liquidity.
blockchainreporter.net
cointelegraph.com
