There has been new accumulation from whales in Shiba Inu (SHIB) as whale inflows surge by 625% in the last one week.
While SHIB has dropped in price in recent times, the increased purchase by these whales imply that the investors could be waiting for a reversal point and possibly another upside in the token.
While this may be good news for whales, it is currently unclear what is happening with the market in general.
A fresh surge in whale activity has been observed in SHIB , commonly known as the ‘Dogecoin’ copycat cryptocurrency. According to IntoTheBlock, the inflows for the large holders of SHIB have risen by a staggering 625% for the last one week. This massive whales’ purchase implies that substantial investors, commonly known as ‘whales,’ are buying SHIB tokens in a big way. It has resulted in debates on whether these massive transactions signify a defining market bottom to the bitcoin price.
https://twitter.com/CryptoLollla/status/1819712703763775514 Whale Inflows and Market Sentiment
Whale inflows are essentially the net amount of money flowing into addresses that belong to large holders, and this is usually a good indicator of the prevailing sentiment in the market. Surprisingly, based on the uptrend of SHIB received in the wallets of whales, it shows a renewed positive view among large cohorts.
This surge in whale activity comes despite SHIB's recent price decline. As of this writing, Shiba Inu has fallen 7.57% over the past week, trading at $0.00001403.Higher whale inflows during this time can imply that whale investors are trying to take advantage of cheaper prices for themselves.
Market Outlook and On-Chain Metrics
In the past, whale movement in especially large amounts has been linked to market lows, most specifically when big investors place orders after a slump. The current SHIB whale flow rate has risen by 625% in the last few days, which might be seen as a positive sign since these large investors should think that the asset is sitting at or near the lowest point.
The rise in whale activity and volume for SHIB is a good sign, but the trend of other cryptocurrencies is still quite unpredictable. SHIB has been in decline for several days, and whether such purchases by these whales will promote a stable price rise in the future needs to be further observed.
Although, the actual effect of this relieved activity on the price of SHIB will be decided by the prevailing market forces, and sentiment. If bulls manage to hold above the daily moving averages that have acted as support recently, it could be the first sign of a possible bullish reversal.
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The post Shiba Inu (SHIB) Sees 625% Increase in Whale Inflows—Could This Signal a Price Bottom? appeared first on Crypto News Land.
