Dog-themed cryptocurrency Shiba Inu has triggered a massive spike in large holder netflows, albeit a negative one.
According to data from on-chain analytics firm IntoTheBlock, Shiba Inu's large holder netflow has plunged 1,146.68% in the week, with varied implications for SHIB.
Large holders netflow provides an idea of the change in positions of whales or large holders. In short, spikes in netflow can be seen as accumulation from large players, while drops point to reduced positions or selling.
While the drop in Shiba Inu's large-holder netflows might suggest reduced positions or selling, it might be essential to consider the broader context.
The broader crypto market has seen volatile price movements in recent weeks, and SHIB is no exception. After recovering from a low of $0.00002366 on March 20, SHIB steadily climbed to $0.00003285 before hitting a wall.
Investors should keep an eye on further developments, as the actions of large holders can often precede significant market shifts.
At the time of writing, SHIB was down 2.44% in the last 24 hours to $0.00003025, continuing its second day of loss from highs of $0.00003285 on March 28.
In a positive turn, SHIB triggered a positive large holder netflow spike, surging from -65.76 billion SHIB on March 28 to 1.2 trillion SHIB on March 29.
Shiba Inu approaching 4 million address mark
The Shiba Inu (SHIB) community is on the brink of celebration as the dog-themed cryptocurrency approaches a remarkable milestone of 4 million total addresses. This spike in adoption reflects growing interest and confidence in SHIB.
Shiba Inu's total addresses, which refers to all addresses ever created at one point and that have held SHIB, including those that still do, have hit 3.96 million, bringing it closer to the 4 million milestone.
The growth in total addresses can be seen as a positive indicator of network strength and user engagement.