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Dog-themed cryptocurrency Shiba Inu has drawn a significant on-chain spike, according to IntoTheBlock data.
Shiba Inu is showing a 1,172% spike in large holders' inflows — an indicator that tracks the funds going into addresses belonging to whales, or large holders.
Increases in large-holder inflows can often suggest one of two things. First, strong buying activity might be taking place. This might be the case, as large holders buy on centralized exchanges and then transfer their purchases into cold storage.
Second, spikes in large holders' inflows can point to bottoms in price as whale addresses tend to buy in enormous quantities following significant corrections.
Tomiwabold OlajideThe second scenario might be the case, as Shiba Inu is down 2.60% in the last 24 hours to $0.00000769. After a significant rise in the past week, Shiba Inu has seen profit-taking since the start of the week. If today ends in losses, SHIB might close its third day in red.
Whales are known to typically accumulate during periods of decline with a motive to buy at a discount.
Since the week's start, SHIB has seen significant token movements. Crypto data tracker WhaleAlert reports two massive Shib transactions that were made between wallets: 4,474,530,677,374 SHIB worth $35,357,741 and 4,499,530,677,374 SHIB worth $35,997,707, which were shifted between wallets on Oct. 30 and 31.
Shib Name Service (SNS) on Shibarium went live on the last day of October, which allows Shiba Inu holders to take control of their identity.
In the past month as well, 1,461,135,923 $SHIB tokens were burned via 753 transactions.
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