As a seasoned crypto investor with battle-tested nerves and an unwavering appetite for opportunity, I find the recent surge in on-chain activity surrounding Shiba Inu (SHIB) quite intriguing. The astronomical 2,944% increase in large holder’s netflow within a day has caught my attention and stirred a sense of anticipation.
Activity related to the meme-inspired cryptocurrency Shiba Inu (SHIB) on the blockchain suggests an intriguing development in the near future. This is based on data from IntoTheBlock that shows a massive increase of over 2,944% in large holders’ netflow within the last 24 hours.
Today, a total of approximately 322.7 billion Shiba Inu tokens were transferred into a large investor’s wallet, which is significantly more than the -10.96 billion SHIB that was sent out yesterday.
It’s clear that the volume of token transactions has significantly increased and shifted to a positive trend. This indicates that ‘whales’ have turned bullish and have begun buying more tokens. This bullish sentiment is also evident in the unique inflow metric, which peaked at an impressive 2.67 trillion SHIB during the reviewed period, whereas outflows were slightly lower with a value of 2.35 trillion SHIB.
Whales in, paper hands out
The increase can be attributed to the soaring popularity and value of the meme coin, with interest in it significantly growing. Following a six-month slump, the price of Shiba Inu experienced a 40% surge, reaching an all-time high of $0.0000217.
After that point, SHIB experienced a full correction, reaching its lowest point yesterday with a decline of 19%. However, swift purchases by buyers corrected this price discrepancy, causing the price to increase by 6% instead.
It appears that this price movement might align with the actions taken by the large investors, which could be reflected in the on-chain statistics.
Currently, the adjustment in SHIB is perceived as beneficial since it has only shed about a third of its September surge’s gains. This development could pave the way for further growth in the Shiba Inu token, as those who were not essential or arrived too late have been swept away with the sell-off.
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2024-10-02 19:18