2.4 Trillion Shiba Inu (SHIB) in 24 Hours: Are Whales Bullish?

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As a seasoned crypto investor with battle scars from numerous market cycles, I’ve learned to navigate through the stormy seas of volatility that characterize this space. The recent market turbulence has been no exception, leaving many investors at a loss as to where to place their bets. However, amidst this chaos, I find solace in the clarity that on-chain data can provide.

Amidst widespread fear, uncertainty, and doubt within the cryptocurrency market, investors are navigating a turbulent sea of price fluctuations and disarray in digital asset values. This volatile climate makes it challenging to make informed investment decisions and there seems to be a lack of guidance. However, on-chain data can offer some much-needed insight.

For example, for the popular meme-inspired cryptocurrency Shiba Inu (SHIB), data from IntoTheBlock shows what appears to be bullish activity on the part of major players. In particular, the Large Holders Netflow indicator, which shows the net flow of cryptocurrency to wallets holding at least 0.1% of the tokens in circulation, jumped 82% in the past day, reaching 2.4 trillion SHIB, or nearly $72 million. 

It signifies that, colloquially known as significant players, these whales are acquiring more Shiba Inu tokens than they’re disposing of.

Concurrently, a closer look at the data reveals a decline in both incoming and outgoing transactions from these Shiba Inu wallets, yet optimistic behavior seems to dominate pessimistic.

It is worth considering the data in the context of the price action of the popular meme cryptocurrency, which has been trading in an extremely narrow range around $0.000028 per SHIB all along. In general, such price patterns are characteristic of the accumulation phase.

From the analysis of all available data, it appears that prominent Shiba Inu token investors are presently aggressively buying the token, with this trend showing no signs of slowing down. It’s clear that a substantial price fluctuation on the SHIB chart is imminent. As money continues to be invested, it seems likely that the direction of this movement will be an upward one.

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2024-12-13 17:56