Dog-themed cryptocurrency Shiba Inu has triggered an on-chain surge as whales make intriguing moves.
According to IntoTheBlock data, Shiba Inu is seeing a positive spike in netflows, seeing a +1708.21% increase in large holders' net flows.
Large Holders Netflow from IntoTheBlock data provides an idea of the change in the positions of whales. Spikes in netflow can be seen as accumulation from large players, while drops indicate reduced positions or selling.
In this scenario, accumulation seems more likely, as SHIB saw price growth in the last 24 hours, trading at $0.0000096 at press time.
Shiba Inu is up 9% weekly as bulls make efforts to erase a zero from its price. However, SHIB is experiencing an increase in outflows, which might be positive or negative.
Per IntoTheBlock data, large holders' outflow, which tracks the funds leaving addresses belonging to either whales or investors, was up 640%.
Spikes in outflows can indicate two things: first, selling from whale addresses; and second, withdrawals from exchanges, which is net positive as it might imply that these addresses are willing to hold their assets much longer rather than selling them by transferring them to cold storage.
In related news, the Shiba Inu community continues to buzz with expectations for Valentine's Day. While anticipation remains, Lucie, a SHIB team member, makes clarifications on Sheboshis, the female counterpart of Shiboshis, whose launch is imminent.
Lucie said Sheboshis were first publicly mentioned at the Eth Conference in August 2023. However, their first mention within the Shiba Inu team dates back to February 2023. She adds that Sheboshis have not yet been released and the launch is intended to be a unique experience.