Shiba Inu Big Whale Daily Net Flow Up 7,140% to 799,320,000,000 Shiba Inu as Price Retests $0.00002
On-chain data confirms that large Shiba Inu whales are buying the ongoing dip, even as SHIB retests critical support levels.
In related news, Shiba Inu (SHIB) recently retested the crucial support at $0.00002 when it crashed to a low of $0.00002095 yesterday. However, the meme coin quickly recovered and managed to post a daily gain of 4.55% to remain above the $0.000022 level.
Despite holding the $0.000022 area, Shiba Inu remains one of the assets most affected by the ongoing market crash, dropping 16.59% in December and now ranking 15th among the largest crypto assets. Shiba Inu has also collapsed by over 32% since December 9.
Shiba Inu Net Inflows Up 7,140% Despite Lower Prices
However, this bearish phase did not affect the confidence among the large whales. Data from IntoTheBlock, which defines these whales as wallets holding at least 0.1% of the circulating supply of SHIB, indicates that the category of addresses has been buying large amounts of SHIB since December 10.
These whales have mostly seen positive net inflows during this period, but the latest data confirms that they saw net inflows of NIS 799.32 billion worth of over $17.5 million yesterday. This figure represents an 11-day peak of positive net inflows to these addresses.
Further examination of the data reveals that addresses actually bought 1.21 trillion SHIB worth $26.6 million yesterday, but sold around 413 billion tokens ($9.1 billion), resulting in a net inflow of 799.32 billion SHIB. This represents a massive 7,140% increase from the previous day’s figure of 11.04 billion tokens.
Notably, throughout Q4 2024, net inflows to these addresses exceeded outflows by a factor of nearly five. The highest daily net outflow from these addresses was 951.84 billion SHIB on November 6. However, the highest net inflow was 3.47 trillion tokens on November 12, when SHIB retested the $0.000028 area.
Crypto Basic has drawn attention to some of these accumulation moves in the past. Notably, in mid-October, a whale accumulated 83.3 billion SHIB tokens as the market aimed to recover from a previous downtrend. A new whale also acquired 397 billion tokens in August.
SHIB Bank's Stock Exchange Reserves Decrease
Data from CryptoQuant confirms this growing accumulation. In particular, the exchange reserve of Shiba Inu has been steadily declining since early December. The exchange reserve stood at 140.87 trillion Shiba Inu as of December 7, but has since fallen to the current figure of 135.74 trillion.
Meanwhile, Shiba Inu is now looking to defend its breakout above a symmetrical triangle that has been in place for months. Shiba Inu broke out of the triangle in early November, but it appears to be retesting the breakout. Bulls need to defend this retest, which would provide a healthy recovery for Shiba Inu.
Shiba Inu is currently trading at $0.00002233 at the time of writing, up 3.81% this week. The asset must defend the 0.38.2% Fib level at $0.00001942 to hold out against any breakdown within the triangle.
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