Tue, 12/12/2023 – 16:20
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Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a massive surge in large-holder netflows, which is higher by a whopping 1,079%. Remarkably, all indicators of whale activity have been up in the last 24 hours.
Large Holders Netflow provides an idea of the change in positions of whales, or large holders. In short, spikes in netflow can be seen as accumulation from large players, while drops point to reduced positions or selling.
Shiba Inu saw a sharp rise in whales’ netflow, which surged from a figure of 286.31 billion SHIB on Dec. 10 to 4.68 trillion SHIB.
In the case of Shiba Inu, the surge in netflow might suggest accumulation from large holders, as SHIB saw a massive price drop on Dec. 11. Whales are typically known to use periods of price dips to buy at a discount.
SHIB saw a sharp price drawdown in the prior day, dropping to lows of $0.00000915 from an intraday high of $0.00001015.
In the process, SHIB lost the much-acclaimed $0.000010 level, with bears even threatening further drops as the general crypto market reeled into profit-taking.
At the time of writing, SHIB was still trading below the $0.00001 level, with bulls making frantic efforts to cover lost ground. SHIB is presently up by 1.21% in the last 24 hours to trade at $0.00000958.
Aside from a surge in large holders’ netflows, Shiba Inu has seen a remarkable increase in large holders’ inflow, which is higher by 430%, according to IntoTheBlock data.
In the previous day, crypto data tracker Whale Alert detected a move of 4.1 trillion SHIB, or 4,193,953,460,450 SHIB worth $40,823,942 at the time of its transfer to a whale wallet.
While the purpose of the transfer to the whale’s wallet remains unknown, indications might point to buying through an OTC transaction that occurs outside of a crypto exchange.