Over the past 24 hours, the Shiba Inu (SHIB) cryptocurrency witnessed a significant development that has caught the attention of market observers, especially in the on-chain analytics sphere. According to data from IntoTheBlock, large investors have dramatically increased their holdings of SHIB tokens, which surged by nearly 600%. Specifically, their holdings rose from 27.06 billion to an impressive 161.15 billion SHIB tokens.
Source: IntoTheBlock
Whale Activity Signals a Shift in Market Sentiment
This surge in holdings highlights a notable shift in the positions of whales, defined as those who own more than 0.1% of the SHIB supply. Simply put, spikes in net flow indicate that major players are increasing their positions, while drops suggest they are reducing them. Notably, the recent spike in net flow suggests that whales are accumulating SHIB tokens, signaling a potential bullish trend.
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Interestingly, the increase in this metric was driven by a reduction in the outflows of Shiba Inu tokens from whale wallets, rather than a direct increase in inflows. In other words, whales are slowing down their selling activity, which has contributed to the sharp rise in net flow. Although this indicates a slowdown in SHIB selling, it does not yet signal a significant buying spree. Nevertheless, the reduction in selling pressure is a positive sign for SHIB’s price outlook
Price Outlook: Whales Lean Towards Bullish Sentiment
Despite the recent surge in whale activity, SHIB’s price action has tested the patience of traders and enthusiasts alike. The cryptocurrency has experienced low volatility and narrow-range sideways performance over the past few weeks.
SHIB to USD by CoinMarketCap
However, this period of stagnation is often when large players weigh their options and make strategic investment decisions.
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Given the substantial increase in net flow, it is increasingly evident that whales are favoring the bullish side rather than betting on SHIB’s decline.
Consequently, while the market waits for more significant price movement, the underlying whale activity suggests optimism for SHIB’s future performance.
