According to IntoTheBlock data, Shiba Inu (SHIB) is seeing a surge in large holder net flows, a metric that determines the change in the position of crypto whales.
Shiba Inu was experiencing an 8,530.25% surge in large holder netflows over the last seven days, albeit the increase was a negative one. Typically, drops in large holder netflows might indicate selling.
The negative surge in netflows is not so far-fetched, given the recent incident, which saw a significant amount of SHIB, over 5.4 trillion tokens, sold following the WazirX exploit. The alarming netflow surge might be mirroring Shiba Inu's on-chain reaction in the wake of selling triggered by the incident.
In the past week, the entire crypto market was taken aback when Indian crypto exchange WazirX suffered a security breach in one of its multisig wallets, resulting in the loss of user assets and over $230 million in withdrawals.
According to blockchain statistics, 5.4 trillion SHIB tokens worth approximately $100 million were withdrawn, accounting for the majority of missing funds, which were eventually sold off by the exploiter.
Shiba Inu (SHIB) price on verge of key barrier
Shiba Inu's price rebounded shortly after the WazirX incident, rising for three consecutive days before retreating. At the time of writing, SHIB was down 2.2% in the last 24 hours to $0.0000175, reflecting a broader drop in the general crypto market.
Shiba Inu's current price action has brought it to the edge of a significant barrier that needs to be taken out for it to advance.
According to IntoTheBlock data, near where Shiba Inu currently trades, 434.97 trillion SHIB were bought by 37,560 addresses in the range between $0.000017 and $0.000019 at an average price of $0.000018.
Breaking through this significant price barrier might lead to increased buying activity and potentially drive SHIB prices higher. In the coming days, the market will be closely monitoring SHIB's trajectory, anticipating its next major move.
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