The popular meme-inspired cryptocurrency Shiba Inu (SHIB) seems to be missing from the headlines lately. However, this may soon change, as despite the lack of action on the price chart of SHIB amid all the broader crypto market turmoil of late, behind the scenes, in the on-chain realm, SHIB is still active.
As became known thanks to data from IntoTheBlock — large holders netflow to be precise — in the last 24 hours, inflows and outflows into the wallets holding no less than 0.1% of the Shiba Inu coin circulation supply decreased by 83%. A drastic drop indeed.
Tomiwabold OlajideHowever, more detailed data shows that the netflow metric actually increased over the period — from -141.37 billion SHIB to -29.05 billion SHIB. This means that despite the decline in activity, the net figure was still tilted toward more inflows than outflows.
This leads to the idea that the largest SHIB holders are accumulating rather than porting their meme coins somewhere.
Denys SerhiichukHow the largest SHIB holders seeing inflows into their wallets affects the price of Shiba Inu is another question. Since Dec. 1, the meme coin has lost 67% of its value without registering a green monthly candle during this period.
Yuri MolchanAs a result, SHIB fell all the way from $0.00003343 to $0.00001082, where it has been bottoming out for some time. If this is the final destination for Shiba Inu coin, it will be interesting to see if what comes next for SHIB will be the accumulation of big guns.
Vladislav Sopov
Dan Burgin