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Popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a truly anomalous rise in one of the key on-chain metrics in the past 24 hours. Thus, according to IntoTheBlock, the cryptocurrency's net flow into the wallets of those who hold at least 0.1% of the circulating supply of Shiba Inu rose 1.559% in 24 hours, going from 44.45 billion SHIB to 693 billion SHIB.
Arman ShirinyanThis figure is made up of two separate figures of outflows and inflows, and both of them increased over the period under review.
Thus, the volume of Shiba Inu token inflows into large wallets increased by 48.8% to reach SHIB 11.25 trillion. As for outflows, the increase for the day amounted to 40.4%, and the total value of tokens came to 10.55 trillion SHIB.
Interestingly, the outperformance of the inflows occurred as the price of the popular meme cryptocurrency reached the $0.000023 zone against a drop of more than 25% over the past two days.
Shiba Inu (SHIB): Price outlook
However, in terms of technical analysis, despite the drama of this downward movement, after having risen more than 80% in the previous weeks, this correction is considered healthy and, in fact, it stopped at 0.5 on the Fibonacci scale, which is considered an important level to confirm the intentions of bulls.
After reaching this important level today, the price of the Shiba Inu token added 3% and rose above this zone, quoted at $0.0000241.
Alex DovbnyaWhich scenario was primary - the whales buying Shiba Inu and then rallying, or the rallying and then buying - remains to be seen, but the intentions of the big players and the price action of SHIB are clearly visible on the charts.
Godfrey Benjamin
Yuri Molchan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov