As a seasoned crypto investor with a knack for deciphering market trends and on-chain data, I find the recent surge in Shiba Inu activity among large holders quite intriguing. The spike in netflow into large holder addresses, as indicated by IntoTheBlock’s data, suggests that whales are not only active but appear to be adopting an accumulation strategy. This bullish indicator could potentially signal a positive shift for SHIB in the coming days.
There’s a possibility that Shiba Inu could be experiencing a downward trend, but recent on-chain indicators offer some encouraging signs for the near future. Specifically, large holder activity has seen a significant surge in the past day, as indicated by the large holder netflow on IntoTheBlock (ITB). This data shows a 45% jump over the last 24 hours and an astonishing 3,840% increase over the previous 48 hours. This on-chain activity hints at a contradictory pattern among Shiba Inu’s large holders and investors.
SHIB Whales Back In Action
Data metrics provided by IntoTheBlock, such as inflow, outflow, and netflow for large holders, provide valuable insights into whale activity and their cryptocurrency sentiments. For instance, Shiba Inu’s large holder netflow has experienced a significant spike over the past 48 hours following an initial dip at the start of October. Specifically, on October 1st, there was a net inflow of approximately 322.7 billion SHIB tokens into large holder wallets, which represents a massive increase of 2,944% compared to the negative net outflow of -10.96 billion SHIB observed in the preceding days.
This sudden change indicates a significant transition from withdrawals to deposits being made to whale wallets. When more money goes in than comes out, the total flow increases. Typically, this pattern is perceived as a positive sign for cryptocurrency, as it implies that whales are adopting strategies to accumulate more assets, which can be interpreted as bullish behavior.
Over the past day, it’s worth noting that whales have persisted in this activity, leading to a significant boost in netflow to approximately 420.77 billion SHIB. This represents a substantial 45% rise compared to the day before and an even more impressive 3,840% increase over the course of two days.
It’s clear that Shiba Inu (SHIB) whales have been accumulating more than they’ve been distributing, as shown by the main inflow data. This data indicates a significant influx of approximately 3.12 trillion SHIB into large wallets (whale wallets), contrasted with an outflow of only 2.65 trillion SHIB during the same period.
Shiba Inu Price Outlook: Whales Diving In
In September, the price of SHIB broke free from a six-month decline, leading to a significant surge. Within just ten days, Shiba Inu experienced a 63% increase in value, taking it from $0.00001304 on September 18 to a three-month high of $0.00002141 by September 28. Following this, SHIB dropped by a substantial 24%, reaching a low of $0.00001606 yesterday. Despite this, the accumulation of large investors (whales) and other buyers has largely limited further losses, causing SHIB to recover by 3%. At present, the meme coin is trading at $0.00001646.
The recent price behavior suggests that the Shiba Inu bulls have successfully set up a support level at approximately 0.00001609 USD, as they’ve consistently held off corrections at this point since October 1st. Even with the recent downtrend, SHIB still appears to be in a favorable position for further growth. Moreover, it seems some significant Shiba Inu investors are using the price drops to accumulate more coins, presumably preparing for a potential price surge in October.
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2024-10-04 09:14