According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a significant 1,058% increase in large holder netflow, indicating a substantial shift in whale activity in the market. This surge is a part of a broader trend of accumulation by these large holders, commonly known as 'whales.' The large holder netflow from IntoTheBlock is a crucial metric that offers insights into the changes in the positions of whales. It is determined by measuring the volume of inflows minus outflows for these addresses. A rise in this metric can be seen as accumulation, while a decrease may suggest selling or reduced positions. In the case of Shiba Inu, the 1,058% increase might suggest strong buying activity, as whales seem to be accumulating SHIB.
Several factors could be contributing to this significant move by SHIB whales. The recent price dip in SHIB might have provided a buying opportunity for whales, allowing them to purchase substantial amounts of SHIB at a lower price. This is common among large holders, or whales, who seek to capitalize on market corrections to strengthen their positions. At the time of writing, SHIB was down 2.03% in the last 24 hours to $0.00002683. The price of SHIB remains down 14% weekly as investors book profits.
On-chain analytics firm IntoTheBlock has spotted an interesting trend that suggests a massive inflow of new traders buying meme coins. The number of addresses holding meme coins for less than 30 days hit a record high in the past month. Shiba Inu, in this regard, has seen a significant increase in total addresses, which refers to all addresses ever created and is nearing the four million mark. According to IntoTheBlock data, Shiba Inu's total addresses are now at 3.98 million.