The popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a truly anomalous increase in one of its key on-chain metrics over the past 24 hours. Thus, according to data from IntoTheBlock, the net amount of cryptocurrency flowing into the wallets of those holding at least 0.1% of Shiba Inu’s circulating supply has increased by 1.559% over the 24-hour period, from 44.45 billion SHIB to 693 billion SHIB.
The figure is made up of two separate outflow and inflow figures, both of which increased during the reporting period.
As a result, the amount of Shiba Inu tokens flowing into large wallets increased by 48.8% to 11.25 trillion SHIB. As for the outflow, it increased by 40.4% on the day, and the total value of tokens reached 10.55 trillion SHIB.
Interestingly, the outperformance of inflows came as the price of the popular meme cryptocurrency reached the $0.000023 area, while the pair’s price fell by more than 25% in the past two days. Shiba Inu (SHIB): Price Outlook However, from a technical analysis perspective, although this decline was quite sharp, after a rally of more than 80% in the previous weeks, this pullback is considered healthy, in fact, it stopped at 0.5 on the Fibonacci sequence, which is considered an important level to confirm the bulls’ intentions.
After reaching this important level today, the Shiba Inu Token price increased by 3% and broke through this area, quoting at $0.0000241.
Which scenario is predominant – whales buying Shiba Inu and then rebounding, or rebounding first and then buying – remains to be seen, but the intentions of the big players and SHIB’s price action are clearly visible on the chart.
