Notable whale investors have significantly boosted their holdings of the meme-inspired cryptocurrency Shiba Inu (SHIB) at an astonishing rate, according to data from IntoTheBlock. Within a single day, these large investors amassed an impressive 2.85 trillion tokens.
Intriguingly, the Large Holders Inflow metric shows an enormous increase of 208% compared to the day before, amounting to an astounding 1.37 trillion tokens. This translates to approximately $66.98 million flowing into the wallets of these significant crypto investors.
Twist
Despite the increase in Shiba Inu tokens being hoarded by wealthy investors during this time, an unexpected development arises – a large amount of these tokens were also sold off. Consequently, sales outpaced acquisitions, resulting in a net loss of approximately 150 billion Shiba Inu tokens within the previous 24 hours.
During this timeframe, the Large Holders Outflow metric experienced a significant surge of over 300%, suggesting that outflows were occurring at a much faster pace than inflows. As a result, the Large Holders Netflow indicator shifted to negative numbers, hinting at potential instability for the widely-used cryptocurrency.
Despite the recent setback, data from the blockchain indicates that Shiba Inu usually doesn’t stay in the red zone for an extended period. The issue at hand for Shiba Inu investors is whether the surge of activity from bullish whales signifies a forecasted trend or a possible shift towards market outflows becoming more prevalent.
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2024-04-15 11:22