As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the recent developments surrounding Shiba Inu (SHIB) intriguing. The significant increase in net flow into large wallets holding at least 0.1% of the circulating supply is a trend that catches my attention.
Over the past day, a remarkable surge has been observed in one crucial on-chain statistic for the meme-inspired cryptocurrency, Shiba Inu (SHIB). As reported by IntoTheBlock, the amount of SHIB transferred into wallets controlled by holders with at least 0.1% of the total supply increased by a significant 1.559%, from 44.45 billion to an astounding 693 billion SHIB.
The diagram consists of two distinct parts illustrating outflows and inflows, and during the reviewed timeframe, there was an increase in each part.
Consequently, there was a significant rise of approximately 48.8% in the inflow of Shiba Inu tokens into large wallets, totalling around 11.25 trillion SHIB. On the other hand, the daily increase in outflows amounted to about 40.4%, resulting in an accumulated value of 10.55 trillion SHIB.
It’s worth noting that despite a 25% decline in value over the last two days, reaching $0.000023, there was an unexpected surge in performance for this meme cryptocurrency.
Shiba Inu (SHIB): Price outlook
In terms of technical analysis, while the recent decline might seem significant given the substantial increase of over 80% in the previous weeks, this correction is seen as a healthy one. Notably, it halted at the 0.5 mark on the Fibonacci scale, which is an important level that typically indicates the bulls’ intentions are being confirmed.
Today, as we surpassed a significant milestone, the value of the Shiba Inu token increased by 3%, pushing it past that region and currently trading at approximately $0.0000241.
It’s unclear whether the increase in Shiba Inu’s price was caused by whales purchasing it first, leading to a rally, or if the rally occurred first and then the whales bought – this question remains open for now. However, the motives of significant players and the price movements of SHIB are clearly depicted on the charts.
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2024-11-15 17:02