#MemeWatch2024 Shiba Inu (SHIB) Witnesses Epic 1,510% Growth of Key Metric, But There's a Catch
🌐 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?
🔶 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.
✍️ This Next Shiba Inu (SHIB) Resistance Is Pivotal: Details
🔷 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.
🔶 On the other hand, however, it can mean significant withdrawals from exchanges, which is traditionally a bullish signal.
✍️ What does it mean for Shiba Inu (SHIB) price?
🔷 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.
🔶 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.
