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Dog-themed cryptocurrency Shiba Inu (SHIB) has just seen a surge in large holder inflows in the last 24 hours, according to data from IntoTheBlock.
Shiba Inu large-holder inflows increased from 96 billion SHIB on April 13 to 224.34 billion SHIB on April 14.
Large holder inflows refer to the amount of tokens being transferred into wallets that belong to entities holding a significant portion of the supply, usually whales, or large holders. A rise in these inflows might hint at accumulation, suggesting that whales might be positioning themselves for a potential price shift.
The surge in large holder inflows coincides with a 173.76% surge in large transaction volume, which is indicative of whale activity. According to IntoTheBlock data, SHIB reported 1.31 trillion SHIB in large-volume transactions over the last 24 hours, or $15.66 million. This increase after days of declines signals renewed interest from whales and large holders.
Tomiwabold OlajideWhile short-term price movement remains uncertain, an inflow of 224 billion SHIB in just 24 hours along with a 173% surge in whale activity might be a sign that whales are watching and acting.
What's happening?
At the time of writing, SHIB was down 3.22% in the last 24 hours to $0.00001188 as the majority of the crypto market traded in red due to selling pressure. Shiba Inu is on track to mark its third consecutive day of declines since reaching a high of $0.00001268 on April 12.
Arman ShirinyanRecent consolidation between $0.0000102 and $0.000012 suggests accumulation before a possible push toward the $0.00001567 and $0.00001893 resistance levels.
In a recent development, Shiba Inu revealed Karma, an innovation that might soon launch.
According to Shiba Inu developer Kaal Dhairya, "Karma works like an XP system—just like in gaming. As mentioned in the podcast, it’ll be used across our ecosystem and, combined with Reputation and Aura, will help foster trust. Keep in mind, though, that Karma scores and levels are in BETA and may still change."
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Vladislav Sopov
Dan Burgin