On-chain data suggests a significant shift in Shiba Inu whale behavior. Large holder activity has spiked in the past 24 hours despite the meme coin's recent bearish correction.
IntoTheBlock (ITB) reports a 45% increase in large holder netflow over the last day. The 48-hour increase is even more striking at 3,840%. This data points to conflicting dynamics among Shiba Inu whales and investors.
ITB's metrics offer insights into whale sentiment towards cryptocurrencies. For Shiba Inu, the large holder netflow has surged dramatically, following an initial drop at the start of the month.
On October 1, the netflow into large holder addresses reached 322.7 billion SHIB tokens. This represents a 2,944% increase from previous days. The earlier figure stood at a negative -10.96 billion SHIB netflow. This sharp reversal indicates a shift from outflows to inflows into whale addresses. Rising netflow occurs when inflows exceed outflows, analysts often view this pattern as bullish for the cryptocurrency.
The whale activity continued into the last 24 hours. Netflow increased to 420.77 billion SHIB. This translates to a 45% daily increase and a 3,840% surge over 48 hours. ITB data reveals substantial whale wallet movements. Inflows totaled 3.12 trillion SHIB during the period, while outflows stood at 2.65 trillion SHIB.
Shiba Inu's price recently broke out of a six-month downtrend. In September, it saw a 63% increase over ten days. The price rose from $0.00001304 on September 18 to $0.00002141 on September 28. Since then, Shiba Inu has corrected by 24%. It hit a low of $0.00001606 yesterday. However, whale accumulation has helped prevent further losses. The meme coin has since rebounded by 3%.
SHIB is currently trading at $0.00001646. Bulls appear to have established support at $0.00001609. They've defended this level multiple times since October 1. Despite the correction, Shiba Inu remains positioned for potential upward movement.
Some Shiba Inu whales seem to be capitalizing on price declines. They're increasing their holdings, possibly anticipating an October price run. This behavior aligns with the observed on-chain data trends.
The recent whale activity presents a complex picture for Shiba Inu. Large holders are accumulating despite price volatility. This could signal confidence in the asset's future performance. However, the market's response remains to be seen.
Investors should monitor these developments closely. Whale behavior can significantly impact cryptocurrency prices. For Shiba Inu, the coming days may prove crucial in determining its short-term trajectory.