The Shiba Inu (SHIB) story took an interesting turn over the past 24 hours – specifically in the on-chain realm, which is behind the scenes of the popular meme-inspired cryptocurrency.
According to data from IntoTheBlock, the number of SHIB tokens held by large investors has increased by almost 600% over the past day. It has gone from 27.06 billion to 161.15 billion. Put another way, this illustrates how the positions of whales and investors with over 0.1% of the supply have shifted.
Simply put, spikes in net flow indicate that major players are building up their positions, while drops suggest reduced positions or selling. However, the situation is not yet very compelling. The increase in the metric was driven primarily by a reduction in the outflows of Shiba Inu tokens from whale wallets, rather than an increase in inflows.
Shiba Inu (SHIB) price outlook
This could change, but for now, we are seeing a slowdown in SHIB selling and not buying activity. On the bright side, netflow is skyrocketing, which is a good sign.
In the last couple days and even weeks, the price action of SHIB tested the patience of traders and enthusiasts, with low volatility and narrow-range sideways performance. At the same time, this is the period when large players weigh in and make investment decisions.
Based on the netflow surge, it can be said with some confidence that whales are taking the bullish side rather than betting on the downfall of Shiba Inu.
