Shiba Inu whales moved 254.4 billion SHIB onto exchanges over the past 24 hours, according to CryptoQuant data, suggesting large holders are using the recent price rebound to reduce exposure rather than add to positions.
The selling followed a brief recovery that lifted SHIB from its late June lows. Between June 25 and June 29, large wallets accumulated tokens and transferred them into private wallets as prices weakened, tightening available exchange supply. That accumulation was followed by a rebound toward $0.00000431, where the same group began sending tokens back to exchanges.
Exchange balances increased to roughly $375.9 million, indicating additional supply is becoming available for trading.
Why It Matters
The shift marks a change in whale behaviour. Buyers accumulated during weakness, then distributed into strength instead of holding for a larger move. That reduces the likelihood that the current rally is being driven by long-term conviction from large holders.
Retail traders have so far absorbed much of the selling pressure, with active addresses posting a modest increase. Even so, continued exchange inflows from whale wallets could outweigh retail demand if the trend persists.
TokenRecon Take
Current on chain flows suggest whales are treating the rebound as a liquidity event rather than the beginning of a sustained uptrend.
The next move depends on whether exchange inflows continue to rise. If large holders keep sending SHIB to trading platforms, selling pressure could pull the token back toward its late June support. If exchange deposits slow while retail demand remains steady, SHIB has a stronger chance of extending its recovery.
Not every rally attracts fresh conviction. Sometimes it provides an exit. Based on current wallet activity, that appears to be the strategy large SHIB holders are following.
