Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, may be mispriced, as suggested by IntoTheBlock. Recent on-chain data reveals a significant surge in the Large Holders Netflow metric over the last 24 hours. This metric measures the net inflows and outflows associated with any holder who possesses more than 0.1% of the total supply of Shiba Inu tokens.
Significant Increase in Netflow
In the past day, the Large Holders Netflow metric improved dramatically from -163.24 billion SHIB to 349.3 billion SHIB. An increase in net flow typically indicates that large investors, often referred to as whales, are acquiring more of the asset, while a decrease suggests they are reducing their holdings or selling off.
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Given the current data for SHIB, one could reasonably infer that whales are increasing their investments in this meme cryptocurrency.
Whale Transactions Remain Modest
Despite this positive netflow trend, it does not represent a significant event in the whale ecosystem just yet. Metrics that track large transactions, specifically those exceeding $100,000, still indicate low activity levels. In the last 24 hours, there were 99 transactions of this size, accumulating a total volume of 1.39 trillion SHIB, which amounts to approximately $25.2 million.
Source: IntoTheBlock
While this figure might appear modest, averaging it reveals that each of these large transactions involved approximately 13.9 billion SHIB, translating to around $252,000.
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This average is 2.5 times higher than usual, signaling increased interest from larger players in the market.
Price Outlook for Shiba Inu
The current data clearly shows that whales are beginning to purchase SHIB, although not all have fully committed yet. This development alters the context of Shiba Inu’s current price. At present, the cryptocurrency trades at $0.000018.
SHIB to USD Source: CoinMarketCap
The price of SHIB has experienced a tumultuous two weeks, with a notable 33.2% gain followed by a subsequent decline of 6.31%. As the week progresses, market observers will be keen to see how these trends unfold and what implications they may have for SHIB’s future price trajectory.
With some of the largest investors starting to make moves, the coming days will be pivotal in determining the cryptocurrency’s direction.
