Shiba Inu Large Holders Increase Netflow by Over 10x
The net flow of large holders of Shiba Inu has experienced a significant surge, rising by 1079% since December 10, according to on-chain data tracker IntoTheBlock. These large wallets have accumulated a total net flow of 4.68 trillion SHIB, compared to just under 287 billion SHIB in previous days.
Whales Capitalize on Low SHIB Prices
The substantial increase in net flows can be attributed to whales taking advantage of the low prices of SHIB. As the price dropped, these large accounts increased their holdings, indicating their intention to accumulate tokens in anticipation of a price rebound.
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
SHIB Burn Rate Rises
The burn rate of SHIB has seen a 49% increase in the last 24 hours, with a total of 2.88 billion tokens burned by the community. This typically occurs when investors anticipate a turning point in the price.
Neutral Fear & Greed Index Indicates Potential Recovery
The Shiba Inu Fear & Greed Index remains at a neutral level, suggesting that there is still bullish sentiment despite the recent price decline. If metrics continue to improve, it could signal a potential recovery in the near future.
Hot Take: Shiba Inu Large Holders Drive Bullish Return as Netflow Surges
Shiba Inu’s recent bullish return can be attributed to the increased adoption of the Shibarium Layer 2 network and the actions of large holders. These whales have significantly increased their positive net flows, taking advantage of low prices and accumulating tokens with the expectation of a price rebound. Additionally, the rise in the burn rate and the maintenance of a neutral Fear & Greed Index indicate the potential for a recovery in the near future. As Shiba Inu continues to make waves in the crypto market, it will be interesting to see how these factors shape its trajectory.
