#MemeWatch2024 Shiba Inu (SHIB) Witnesses Epic 1,510% Growth of Key Metric, But There's a Catch
đ Shiba Inu's crucial whale on-chain metric surges by 1,510%, reflecting changing investor sentiment amid market volatility; what does this mean for SHIB's price?
đ¶ In an eye-catching turn of events, the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has experienced an epic surge in a crucial on-chain metric within the span of just 24 hours.
âïž This Next Shiba Inu (SHIB) Resistance Is Pivotal: Details
đ· The Large Holders Outflow metric is instrumental in tracking the movement of funds exiting addresses held by whales or investors, each owning over 0.1% of the cryptocurrency's circulating supply. Such monumental increases in outflows typically raise red flags, hinting at potential panic-induced selling.
đ¶ On the other hand, however, it can mean significant withdrawals from exchanges, which is traditionally a bullish signal.
âïž What does it mean for Shiba Inu (SHIB) price?
đ· This surge in outflows can be interpreted in multiple ways. On one hand, it may indicate large holders offloading assets amid heightened market volatility to manage positions and dodge liquidations.
đ¶ Conversely, the exodus of funds from exchanges, which often hold substantial amounts of cryptocurrency, suggests a different narrative, possibly indicating a shift in trading strategies or investor sentiment.
