Shiba Inu may currently be experiencing a downward trend, but recent on-chain insights provide some optimistic news that suggests potential improvements in the near future. Notably, data indicates a surge in activity from major holders within the last day, as reflected by the large holder netflow on IntoTheBlock (ITB). This data shows a 45% rise over the last 24 hours and an astonishing 3,840% since the previous 48 hours. Such findings illustrate a contrasting behavior among Shiba Inu investors and whales.
SHIB Whales Are Active Again
Metrics related to IntoTheBlock’s large holder inflow, outflow, and netflow provide valuable insights into the activity and sentiment of large stakeholders in cryptocurrencies. For Shiba Inu, there has been a remarkable rise in the netflow of large holders over the past two days, reversing a downward trend that began earlier this month. Specifically, large holder addresses saw an inflow of 322.7 billion SHIB tokens on October 1, up by a striking 2,944% from a minor outflow witnessed days before.
This significant turnaround indicates a switch from outflows to inflows into whale addresses, which is generally viewed positively in the cryptocurrency market. It usually signifies that large investors are beginning to accumulate assets.
Further emphasizing this trend, the past 24 hours saw whale activity push the netflow up to 420.77 billion SHIB, reflecting a 45% gain from the previous day and a cumulative increase of 3,840% over two days.
The accumulation strategy among SHIB whales is highlighted by the inflow figures, showing that 3.12 trillion SHIB tokens flowed into whale wallets compared to 2.65 trillion SHIB that flowed out during this timeframe.
Shiba Inu Price Perspective: Whales Taking the Plunge
The price of SHIB broke free from a downtrend lasting six months in September. The token saw a 63% increase within ten days, climbing from a low of $0.00001304 on September 18 to a peak of $0.00002141 by September 28. However, since then, there has been a notable correction of about 24%, with prices dipping to a low of $0.00001606. Nonetheless, continued buying interest from whales and others has helped prevent further declines, and SHIB is currently trading around $0.00001646.
Recent price trends suggest that SHIB bulls have managed to establish support at the $0.00001609 mark, successfully defending this level against corrections since October 1. Despite the recent downturn, Shiba Inu appears to be well-positioned for another rise. Moreover, some Shiba Inu whales seem to be capitalizing on the recent price drop to enhance their holdings, anticipating an upward movement in October.
