As a seasoned crypto investor with battle-tested patience and a knack for deciphering market trends, I must admit that the recent surge in large investor holdings of Shiba Inu (SHIB) has piqued my interest. While the increase in net flow is certainly encouraging, I remain cautiously optimistic.
Over the last day, I’ve found myself intrigued by the latest developments in the Shiba Inu (SHIB) saga, particularly within its on-chain activities, the hidden workings of the renowned meme-driven cryptocurrency.
Based on IntoTheBlock’s data, the holdings of large SHIB investors have surged by nearly 6-fold within the last day. This means their tokens increased from approximately 27.06 billion to a staggering 161.15 billion. In simpler terms, this trend suggests a significant change in the positions of whales and investors who own more than 0.1% of the total supply.
Essentially, when there’s a rise in net flow, it means significant players are likely accumulating more assets, whereas a decrease indicates they might be reducing their holdings or selling. However, the current state doesn’t show anything particularly compelling. The growth in this metric is mainly due to less Shiba Inu tokens being withdrawn from large wallets (whales), rather than an influx of new tokens.
Shiba Inu (SHIB) price outlook
For the time being, there’s a decrease in Shibu Inu tokens being sold and no significant increase in purchases. However, it’s important to note that the outflow of tokens (netflow) is rapidly increasing, which is a positive indicator.
Over the past few days and weeks, the behavior of SHIB has put the resolve of traders and supporters to the test, as it showed minimal price fluctuations and moved within a tight range. However, this is also a time when big investors assess the market and decide on their investments.
According to the increase in netflow data, it seems fairly certain that whale investors are choosing to support Shiba Inu‘s rise instead of anticipating its decline.
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2024-08-14 18:58