As a seasoned researcher with a deep understanding of the crypto market and its intricacies, I find the recent surge in Shiba Inu (SHIB) large holder net flows both intriguing and concerning. With IntoTheBlock data revealing an 8,530.25% negative surge in large holder netflows over the last week, I can’t help but be wary of potential selling pressure on SHIB.
Based on information from IntoTheBlock, there has been a significant increase in the number of large cryptocurrency investors, or “whales,” adding to their Shiba Inu (SHIB) holdings. This trend is indicated by a rise in large holder net flows for this digital currency.
Over the past week, there was a significant decrease in Shiba Inu’s large holder net inflows, amounting to an 8,530.25% reduction. This downward trend contrasts with the usual pattern where decreases in large holder net inflows often signal selling activity.
It’s not surprising that there has been a large outflow of SHIB tokens from circulating supply, considering the recent hack at WazirX where over 5.4 trillion tokens were sold. This sudden netflow surge could be reflecting the on-chain response to this selling event.
As a researcher studying the cryptocurrency market, I was taken aback by the recent security incident at Indian crypto exchange WazirX. Last week, one of their multisig wallets experienced a breach, leading to the unfortunate loss of user assets and over $230 million in withdrawn funds.
Based on blockchain data, around 5.4 trillion SHIB tokens valued at roughly $100 million were taken out. This large withdrawal is believed to be the source of the lost funds, which later surfaced in transactions carried out by the perpetrator.
Shiba Inu (SHIB) price on verge of key barrier
As a Shiba Inu investor, I’ve witnessed an uplifting trend after the WazirX incident, with SHIB displaying three consecutive days of price growth. However, my portfolio took a minor hit recently as SHIB dipped by 2.2% within the last 24 hours, reaching a price of $0.0000175. This setback can be attributed to the overall market downturn in cryptocurrencies.
The present price trend of Shiba Inu is approaching a notable threshold; surmounting this hurdle would be essential for further progression.
Based on IntoTheBlock’s data, approximately 434.97 trillion SHIB tokens were purchased by around 37,560 different addresses in the price range between $0.0017 and $0.0019 for an average price of $0.0018 each.
Reaching this notable price threshold could result in heightened purchasing interest and possibly boost SHIB‘s value further. Market observers will keep a keen eye on SHIB’s trend in the near future, eagerly waiting for its next significant shift.
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2024-07-22 19:16