As a seasoned crypto investor with a deep understanding of the market, I’m excited to see Shiba Inu (SHIB) gaining bullish momentum once again. The recent surge in net flows, which has reached as high as 379.61 billion SHIB tokens in the last 24 hours, is a clear indication of significant whale activity within the ecosystem.
The popular meme cryptocurrency, Shiba Inu (SHIB), is experiencing renewed bullish energy, potentially indicating a major price surge approaching. This optimistic trend can be attributed to recent favorable occurrences surrounding the crypto asset.
Shiba Inu Sees Spike In Netflows
As a researcher studying cryptocurrency market trends, I’ve discovered some intriguing data from the IntoTheBlock market intelligence platform. According to the information, there has been a significant surge in net flows for Shiba Inu, reaching a peak of approximately 379.61 billion SHIB tokens within the past 24 hours. This observation suggests that whales are actively participating in the Shiba Inu ecosystem at present.
The heightened level of whale involvement indicates they’re stockpiling meme coins in anticipation of a price hike. Notably, these investors have historically caused Shiba Inu’s value to spike through their substantial buys. Furthermore, the uptick in SHIB‘s inflows suggests a strong appetite among retail investors for this meme coin.
As a researcher studying the cryptocurrency market, I’ve observed that trading platforms such as Robinhood have been transferring substantial amounts of Shiba Inu coins to cater to their clients’ demands. It’s intriguing to note that this sudden increase in net inflows coincides with the recent listing of Shiba Inu on Solana-focused crypto exchange Backpack.
As a crypto investor, I’ve noticed that there’s been a great deal of buzz around meme coins among Solana traders. It comes as no surprise then, that Backpack, being a popular platform in the Solana ecosystem, has seen a massive influx of demand for the Shiba Inu token. Consequently, Backpack has amassed a substantial stash of SHIB tokens.
Simultaneously, certain key performance indicators related to Shiba Inu’s blockchain present a favorable outlook. According to IntoTheBlock’s analysis, there is a 0.32% rise in Network Growth, indicating that more individuals are embracing the meme currency. Furthermore, the Concentration metric indicates that large investors are becoming more bullish as they expand their holdings.
Could The Market See A SHIB ETF Soon?
Shiba Inu’s chief developer, Shytoshi Kusama, recently pondered over the potential creation of a SHIB Exchange-Traded Fund (ETF) during his congratulatory message to the Ethereum team upon their approval of Spot Ethereum ETFs. He wondered if this development could serve as a precedent for such a fund that includes the meme coin. Crypto analyst Anthony Pompliano shares Kusama’s optimism, stating beforehand that Ethereum ETF approval would be a significant step forward for “the entire industry.”
It’s intriguing that back in the early part of the year, the Shiba Inu community initiated a petition to Grayscale with the goal of creating a Shiba Inu Exchange-Traded Fund (ETF). Following the successful launch of Spot Ethereum ETFs, the community’s excitement was reignited and they could once again encourage Grayscale or any other fund manager to pursue this prospect.
The procedure is not likely to be simple, according to Bloomberg analyst James Seyffart’s previous assessment. He recommended that any cryptocurrency aiming for an ETF must initially be traded as a future contract on a recognized exchange such as the Chicago Mercantile Exchange beforehand.
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2024-05-25 04:11