Market analytics site IntoTheBlock reports that Shiba Inu's net flows have increased to 379.61 billion SHIB tokens in 24 hours. This suggests that the Shiba Inu environment is active with whales.
Whale behavior may indicate that these investors are hoarding meme coins before a price spike. These investors also sometimes boost Shiba Inu's price with large acquisitions. Retail investors may want the meme currency in large quantities as SHIB's net flows grow.
To accommodate consumer demand, crypto trading companies like Robinhood, which is also a Shiba Inu whale, move massive amounts of the meme currency. After Backpack, a Solana-focused crypto exchange, listed the meme currency, net flows increased.
Because Solana traders like meme currencies, Backpack has likely seen a lot of demand for the Shiba Inu token on its platform, resulting in a lot of SHIB tokens.
Others on-chain measures are favorable for Shiba Inu. IntoTheBlock data reveals 0.32% Net Network Growth, indicating increased meme currency use. Whale investors are adding to their stakes as the Concentration metric becomes positive.
Could SHIB ETFs Surface?
Shytoshi Kusama, Shiba Inu's principal developer, recently celebrated the Spot Ethereum ETFs' acceptance and suggested a SHIB ETF. He wondered whether this may lead to a meme currency fund. Crypto specialist Anthony Pompliano said before the clearance order that it would indicate “they are approving the entire industry.”
Strangely, the Shiba Inu community asked Grayscale to develop an ETF earlier this year. With the Spot Ethereum ETFs, the community might again rally behind Grayscale or another asset manager to develop this Shiba Inu ETF.
