Shiba Inu's net flows have surged to 379.61 billion SHIB tokens in 24 hours, indicating increased activity among whales, according to IntoTheBlock. This behavior might suggest that these large investors are accumulating SHIB before a potential price spike, as they sometimes drive up its price through substantial acquisitions. Retail investors are also showing interest in large quantities of SHIB as its net flows rise.
Crypto trading companies, such as Robinhood, which is also a significant holder of Shiba Inu, are moving vast amounts of the meme currency to meet this demand. The listing of SHIB on Backpack, a Solana-focused crypto exchange, has contributed to the increased net flows, driven by Solana traders' affinity for meme currencies. Other on-chain metrics for Shiba Inu are also positive, with IntoTheBlock reporting a 0.32% Net Network Growth, indicating higher usage, and an increase in whale investors' stakes as the Concentration metric rises.
Shytoshi Kusama, Shiba Inu's lead developer, recently acknowledged the approval of Spot Ethereum ETFs and speculated about the possibility of a SHIB ETF. Crypto expert Anthony Pompliano previously stated that such approvals would signal the acceptance of the entire industry. Earlier this year, the Shiba Inu community requested Grayscale to create a SHIB ETF. With the recent Ethereum ETF approvals, the community might again advocate for a Shiba Inu ETF from Grayscale or another asset manager.
