According to IntoTheBlock’s data, a significant amount of activity, equivalent to around 500 billion units, was observed in the Shiba Inu (SHIB) cryptocurrency, which has gained popularity through memes, on the part of its major investors.
As a researcher, I’ve noticed an intriguing surge in the Large Holders Inflow metric for the Shiba Inu token. This metric specifically monitors the movement of tokens held by individuals controlling at least 0.1% of the circulating supply. Over the past 24 hours, this inflow has seen a remarkable increase, with approximately twice as many SHIB being transferred into these significant wallets, amounting to a total of 492.81 billion SHIB.
During this timeframe, a combined total of 382.94 billion SHIB was withdrawn from these wallets. However, it’s important to note that the overall flow of SHIB was positive, amounting to 109.87 billion coins. This is significantly different from the negative net flow we saw yesterday.
Given that these wallets are associated with significant Shiba Inu investors, rather than being exchange accounts, it suggests that major investors might have predominantly purchased the meme coin the previous day.
Shiba Inu (SHIB) price teases bull flag
It’s intriguing to consider why whales have been accumulating large amounts of SHIB. Insights into this might be gleaned from the graph depicting the Shiba Inu token’s price history.
In simpler terms, the meme cryptocurrency appears to be forming a bull flag pattern, which suggests a potential continuation of its upward trend. Despite a four-day decline, there haven’t been any significant drops in SHIB’s price, and given that it surged by 20% over two days before this drop started, it could be seen as a correction rather than a major setback, paving the way for future growth.
If the endeavor proves fruitful and the trend continues as anticipated, it’s likely that the Shiba Inu coin (SHIB) could surge beyond $0.00003. This potential increase might be the reason why the ‘whales’ are currently leaning towards a bullish stance.
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2025-01-07 16:37