As a seasoned researcher with a knack for deciphering cryptocurrency trends, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The spike in Large Holders Netflow is a clear sign that whales are indeed accumulating this meme-inspired coin. However, it’s important to note that while this is a promising development, it doesn’t necessarily signal an imminent price surge.
According to IntoTheBlock, it appears that the meme-based cryptocurrency Shiba Inu (SHIB) could be undervalued. This assumption is supported by recent data on the blockchain, which shows a significant increase in the Large Holders Netflow indicator over the last 24 hours. This metric measures the difference between inflows and outflows of SHIB tokens from addresses that hold more than 0.1% of the total supply of Shiba Inu tokens.
Yesterday, there was a significant rise in SHIB‘s circulation from -163.24 billion to 349.3 billion. This suggests that large investors are accumulating or increasing their positions (buying), while periods of decrease might mean they’re reducing or selling their holdings. Given the recent trend with SHIB, it seems like the ‘whales’ could be purchasing the meme-driven currency.
In summary, while these events are significant, they haven’t become common occurrences within the whale ecosystem just yet. The high-value transactions, those exceeding $100,000, have seen relatively low activity recently. For example, there were only 99 such large transactions in the last day, amounting to a total of 1.39 trillion SHIB or approximately $25.2 million.
Over the last 24 hours, the typical major transaction amounted to approximately 13.9 billion, equating to about $252,000 per transaction. This is nearly double the usual standard.
Shiba Inu (SHIB): Price outlook
It appears from these blockchain data that some ‘whales’ are acquiring SHIB coins, although not all have done so as of now. This fresh perspective on the Shiba Inu token’s value is intriguing.
At present, the meme-based cryptocurrency is valued at approximately 0.000018 USD. Over the past fortnight, its price movement has been akin to a roller coaster ride, experiencing a surge of 33.2% followed by a dip of 6.31%, making this week particularly significant in predicting SHIB‘s future trajectory. As you can observe, major investors have begun to make their moves.
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2024-10-07 17:10