Main navigation

Shiba Inu (SHIB) Sees Staggering 1,194% Inflow Spike, Here's What's Going On

Fri, 08/11/2023 - 17:10
article image
Tomiwabold Olajide
Whales buy billions more SHIB, triggering massive inflow spike
Shiba Inu (SHIB) Sees Staggering 1,194% Inflow Spike, Here's What's Going On
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to IntoTheBlock data, Shiba Inu's large holders' inflow has jumped a staggering 1,194%.The Large Holders Inflow metric from IntoTheBlock tracks funds flowing into addresses belonging to whales, or large holders.

Shiba Inu (SHIB) Inflows See Jaw-dropping 2,200% Spike, Here's Why

That said, the last 24 hours saw a staggering rise in large holder inflows from 569 billion to 2.37 trillion SHIB.

Shiba inu (SHIB) Large Holders Inflow, Courtesy: IntoTheBlock

A substantial increase in large-holder inflows may indicate that strong buying activity is taking place. This is possible, as Shiba Inu has seen price increases in the last 24 hours.

At the time of writing, SHIB was up nearly 3.1% in the last 24 hours to $0.00001016; this is significant as several cryptocurrencies saw losses in the past day.

The SHIB token is likewise up 20% in the last seven days. This comes as SHIB prepares to mark its fourth day of gains since Aug. 8.

Shiba Inu price increases have always coincided with a significant number of large transactions. This time is no different, as the last 24 hours saw a remarkable 98.91% rise in large transaction volume, which came in at $41.49 million for the last 24 hours.

Large transactions, which are often more than $100,000, often give an inkling of whales' actions, and a spike in this metric might be due to a large quantity of buying or selling by this category of holders.

Shiba Inu token LEASH on impressive rise

Shiba Inu ecosystem token Doge Killer (LEASH) is presently mirroring SHIB's current price moves with an 8% rise in the last 24 hours.

At the time of writing, LEASH was going for $583. The token is likewise up 18.31% in the last seven days, in line with the Shiba Inu price gain.

Expectations are currently building in the Shiba Inu community, as exciting news remains on the horizon. Shiba Inu lead Shytoshi Kusama has teased three new partnerships that are coming soon for Shiba Inu.

SHIB Leader Teases 3 New 'Partnershibs' Ahead of Shibarium Launch: Details

Shiba Inu has also begun a countdown for the Blockchain Futurist Conference scheduled for Aug. 15–16, of which it is a title sponsor.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.