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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive 1,666% increase in large holders' netflows this week.
Large Holders Netflow from IntoTheBlock analyzes the amount of inflows minus outflows belonging to whale or large holder addresses and thus provides an idea of the change in position of this category of holders.
A positive surge in netflow may indicate that inflows predominate outflows and, thus, might be seen as accumulation from large holders. On the other hand, declines in large investors' inflows may indicate reduced positions or selling.
In this case, a positive surge in SHIB net flows could indicate accumulation by whales, which would be net positive. Whales, or large holders, are typically known to accumulate more when the price dips.
At the time of writing, SHIB was seeing profit-taking and was down 2.53% in the last 24 hours to $0.00000779.
Shibarium new era begins
Shiba Inu Layer-2 solution, Shibarium, has entered a new era, with the launch of the Shib Name Service marking a watershed moment.
This is the initial step in the development of Shibdentity, a decentralized identity platform that allows users to own and govern their digital identities.
As part of the Shibdentity ecosystem, the Shib Name Service (SNS) is introduced, bringing something unique to the table: human-readable addresses.
Shibarium users will no longer need to browse difficult Shibarium addresses because SNS translates complex Shibarium addresses into simple names.
Shiba Inu has reached a new milestone in its total addresses. According to IntoTheBlock data, the total number of Shiba Inu addresses, which includes all addresses that have ever been generated and those that still contain SHIB, has reached a new high of 3.64 million.