Did a Whale Frenzy Just Launch SHIB to the Moon?
Shiba Inu (SHIB), the meme coin that captured the hearts (and wallets) of millions, is back in the spotlight with a potential whale-driven surge. On-chain data reveals a jaw-dropping 540% increase in Large Holders Netflow for SHIB, suggesting a significant accumulation by large investors.
Whales Dive into the SHIB Pool
According to IntoTheBlock, the 13th largest cryptocurrency by market cap, SHIB, has experienced a surge of activity from whales in the past 24 hours. This activity is reflected in a staggering 540% increase in Large Holders Netflow.
This metric tracks the movement of SHIB tokens into wallets holding at least 0.1% of the circulating supply. A spike in this metric often indicates a concentrated accumulation of the meme coin by whales.
Read more:Shiba Inu’s +300M Token Destruction Could Lead to a Price Explosion!
Breaking Down the Numbers
The Large Holders Netflow for SHIB jumped from a negative -48.1 billion tokens to a whopping 265 billion SHIB in a single day. This represents the highest level of netflow in the past week.
Taking a closer look, the increase can be attributed to 767.33 billion SHIB inflows and 502.33 billion SHIB outflows. However, it’s important to note that inflows rose by more than 50% within the 24-hour period, while outflows decreased by 10%. This suggests an overall trend of whale accumulation.
Read more:Shiba Inu’s Explosive Burn: 6,750% Surge Could Ignite 355% Rally!
Whales on the Move
U.Today previously reported on a single whale who withdrew over a million dollars worth of SHIB from Coinbase, the largest US exchange, within a 24-hour timeframe. This recent data suggests that this whale was not alone, and a broader whale movement towards SHIB accumulation is taking place.
The Price Impact: A Wait-and-See Approach
The long-term impact of this whale activity on the SHIB price chart remains to be seen. While the 540% increase in netflow suggests a potential bullish signal, it’s important to remember that the cryptocurrency market is highly volatile, and past performance is not indicative of future results.
Read more:Floki Inu’s 50% Burn Rate: Can It Outperform Shiba Inu and Dogecoin?
Conclusion
The recent surge in whale activity surrounding SHIB is undoubtedly an interesting development. Investors should closely monitor the price action and on-chain data to gauge the possible implications of this whale movement. However, thorough research and a cautious approach are crucial before making any investment decisions based solely on this information.
