Increased Shiba Inu Network Flows

Market analysis site IntoTheBlock reports that Shiba Inu net flows have increased to 379.61 billion SHIB tokens in 24 hours. This suggests that the Shiba Inu's environment is active with whales.

The behavior of the whales may indicate that these investors are accumulating meme coins before prices rise. These investors sometimes also increase the price of Shiba Inu with large acquisitions. Retail investors may want the meme coin in large quantities as net SHIB flows grow.

To meet consumer demand, cryptocurrency trading companies like Robinhood, which is also a Shiba Inu whale, move massive amounts of the meme coin. After Backpack, a Solana-focused crypto exchange, listed the meme coin, net flows increased.

Because Solana traders like meme coins, Backpack has likely seen high demand for the Shiba Inu token on its platform, resulting in a large supply of SHIB tokens.

Other chain measures are favorable for Shiba Inu. IntoTheBlock data reveals a net network growth of 0.32%, indicating increased usage of the meme coin. Whale investors are increasing their bets as the concentration metric turns positive.

Could SHIB ETFs emerge?

Shiba Inu lead developer Shytoshi Kusama recently celebrated the acceptance of Spot Ethereum ETFs and suggested a SHIB ETF. He wondered if this could lead to a meme currency fund. Crypto specialist Anthony Pompliano said before the authorization order that it would indicate that “they are approving the entire industry.”

Interestingly, the Shiba Inu community asked Grayscale to develop an ETF earlier this year. With Spot Ethereum ETFs, the community could once again support Grayscale or another asset manager to develop this Shiba Inu ETF.