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The on-chain activity around popular meme-inspired cryptocurrency Shiba Inu (SHIB) is hinting at something interesting in the coming days, as it has been revealed, thanks to data from IntoTheBlock, that the number of large holders' netflow has skyrocketed by over 2,944% in the last 24 hours.
To put it in numbers, the total net flow of Shiba Inu tokens into the whale's wallet was 322.7 billion SHIB. This compares to -10.96 billion SHIB the day before.
Arman ShirinyanSo, not only has the amount of token movement skyrocketed, but it has also turned positive, meaning that the whales have become bullish and have started to accumulate. This is also reflected in the special inflow metric, which reached a staggering 2.67 trillion SHIB during the period under review, while outflows lagged slightly with a figure of 2.35 trillion SHIB.
Whales in, paper hands out
What's behind the surge is definitely the price of the popular meme coin. Or, interest in it is rising. After breaking out of a six-month-long downtrend, the price of Shiba Inu went on a rally of over 40%, which brought its quotes as high as $0.0000217.
Since then, SHIB has undergone a complete correction, peaking yesterday with a loss of 19%, but buyers quickly bought this price imbalance and pushed it 6% higher.
This is probably what you see in the on-chain stats as this price action collides with whales' moves.
Yuri MolchanNow the correction in SHIB is seen as healthy as only a third of the September pump has been lost. This opens a path higher for the Shiba Inu token as all the unnecessary passengers and latecomers are gone with the dump.
Valeria Blokhina
Denys Serhiichuk
Dan Burgin
Vladislav Sopov
U.Today Editorial Team