Shiba Inu Witnesses Massive Increase in Large Holder Netflows
The meme coin Shiba Inu (SHIB) has experienced a significant surge in large holder netflows, indicating whale accumulation despite bearish price movements. According to on-chain data analytics firm IntoTheBlock, SHIB’s large holder netflows skyrocketed by 1079% from December 10th to December 11th.
Key Points:
- SHIB’s large holder netflows increased by 1079% in just one day, rising from 286 billion SHIB to 4.68 trillion SHIB.
- The surge in netflows suggests that large holders are taking advantage of the dip in prices to accumulate more SHIB.
- In addition to netflows, there has been a 430% increase in large holder inflows, with over 4 trillion SHIB worth $40 million transferred to a whale wallet.
- Despite the price drop, other metrics like SHIB’s burn rate and Fear & Greed index indicate relatively bullish investor sentiment.
The massive increase in netflows indicates that large holders are capitalizing on discounted SHIB prices to build their positions after a significant price decline. On December 11th alone, SHIB’s price fell from $0.00001015 to $0.00000915, breaking the key support level of $0.00001 that had held for over a week.
#Crypto intelligence tracker @santimentfeed reveals a fascinating trend: $SHIB supply on exchanges has fallen by 0.51% since November 12, now at 7.85%! Less SHIB on exchanges generally means reduced selling pressure – setting the stage for potential gains.#Shibarium #ShibaArmy pic.twitter.com/zycIUOg8sV
— 山丨ㄥㄥ Trader_Kamikaze ???????? ???? (@trader_kamikaze) December 12, 2023
In addition to the netflow increases, there has been a 430% surge in large holder inflows according to Whale Alert transaction data. A single whale wallet received an inbound transfer of over 4 trillion SHIB worth $40 million. Although the purpose is unclear, it suggests the possibility of off-exchange OTC buy activity.
Despite the price decline, overall investor sentiment for SHIB remains relatively bullish on-chain. The daily burn rate of SHIB has increased by 49% in the past 24 hours, with 2.88 billion tokens being removed from circulation. Higher burn rates often indicate investor anticipation of a reversal.
Furthermore, IntoTheBlock’s SHIB-specific Fear & Greed Index is currently in neutral territory despite the downward price trajectory. This suggests that there is mounting belief in a potential trend reversal. Analysts have also identified strengthening signals of bullish divergence on price charts.
Hot Take: Potential Rebound Ahead for SHIB
With accelerating accumulation from large SHIB holders, there is a possibility that prices may bounce back after reaching multi-week lows. While investor sentiment remains neutral, bullish investors will be looking for whale buy signals to confirm a definitive trend change. The upcoming daily candles for SHIB will be crucial in determining the outcome of the battle between opposing investors.
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