Shiba Inu (SHIB) has seen a massive surge in large holders’ inflows in the last seven days. Data from IntoTheBlock shows that the inflows from large holders jumped by more than 2,200%, signifying remarkable growth in recent times.

Impact of Shiba Inu Whale Buyup

Usually, the large holders’ inflow metric is used to monitor the activities taking place within the wallet addresses of whales or institutional investors on a weekly, monthly, or yearly basis.

Whenever there is an increase in the inflows from such significant holders, it could be an indication of a market bottom as whales are known to engage in huge buys when there is a remarkable price decline.

On the other hand, it could just mean that there are strong buying activities taking place, as driven by unknown factors. As it is known, many of these investors purchase their crypto holdings from centralized exchanges after which they transfer them to cold storage pending when the triggering fundamentals will mature.

Either of these scenarios could have contributed to the recent SHIB inflows, plus the price of the SHIB token is gradually dropping because of profit-taking. A few days ago, Shiba Inu’s price skyrocketed as high as $0.0000105, performing better than many other crypto but it wasn’t long after that the altcoin began to lose value as investors took gains. Shiba Inu is currently trading at $0.000008959 after it lost over 3% of its market value per data from Marketcap.

Conversely, the large holders’ netflow metric shows how whales and other investors change their positions in the market. When there is a surge in netflows, it is usually the case of an accumulation from whales or other major investors while a decline tells of reduced positions or selling. Unlike inflows which jumped in the last seven days, Shiba Inu large holders’ netflows fell by -3,354% but increased by 3,172% in the last 30 days.

Based on some movement discovered by crypto market tracker Whale Alert data, a whopping 8.7 million SHIB tokens have been transferred between whales’ wallets in recent times.

In particular, two transactions were of utmost interest. In the first transaction, 4,382,252,578,938 SHIB worth $40,064,744 were shuffled between wallets. In the second transaction, another 4,412,252,578,938 SHIB tokens worth $40,672,144 moved between wallets.

Investors Expect SHIB Price Jump With Shibarium

While there has been a price dip in SHIB price over the past week, investors are still positive that a potential surge is lurking around somewhere.

The anticipated official launch of Shiba Inu Layer-2 scaling solution Shibarium is expected to positively impact the price of SHIB. In the meantime, Shibarium has hit a major milestone, recording over 34 million total transactions on its beta testnet.

According to Puppyscan, the number of blocks on Shibarium has risen to and surpassed 1,938,771, and the total wallet addresses have reached 17,063,326, a sign of positive growth and adoption.

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Filed under: Bitcoin - @ August 8, 2023 6:50 pm