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Dog-themed cryptocurrency Shiba Inu (SHIB) has recently experienced negative 30,045% growth in whale net flows.
According to IntoTheBlock data, Shiba Inu is recording -30,045 % in Large Holders Netflow, a metric that provides an idea of the change in the positions of whales.
Spikes in netflows can be seen as accumulation from large players, while drops point to reduced positions, or selling.
The 30,045% drop in whale netflows for Shiba Inu might be an indication that large holders are reducing their positions or possibly selling. Profit-taking and market sentiment could both contribute to this.
Tomiwabold OlajideWhales might be capitalizing on recent price increases to lock in profits. Also, negative sentiment or uncertainty on the broader crypto market could be driving whales to reduce their exposure.
While this may be interpreted as a bearish indicator, the overall impact on SHIB's price will depend on how the larger market moves in the coming days. Investors may keep a careful check on SHIB on-chain data and technical analysis as the market situation develops.
SHIB eyes potential reversal
According to a recent analysis by Santiment, Shiba Inu might be poised to perform very well once Bitcoin stabilizes and altcoins flourish again following a period of lackluster price activity.
Shiba Inu's 30-day average trading returns are down slightly at -1.1%, while the long-term returns are down a whopping -31.7%.
The percentage of supply held by wallets with less than one billion SHIB is at its lowest since November 2022. This suggests a massive amount of FUD on the network, with one billion wallets owning the vast majority.
The silver lining is that, most often, FUD, which stands for fear, uncertainty and doubt might act as rocket fuel for price increases.
At the time of writing, SHIB was down 0.48% in the last 24 hours to $0.00001329.
Gamza Khanzadaev
