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Shiba Inu (SHIB) has seen a big increase in on-chain activity over the past 24 hours. Key metrics suggest that the popular meme-inspired cryptocurrency could be on a bullish trajectory.
Thus, IntoTheBlock data shows that the Large Holders Netflow for SHIB has grown a lot recently. It went from 28.24 billion SHIB to 80.51 billion SHIB over the period we are looking at. That is an increase of 285% in just the past day.
The Large Holders Netflow is a great way to track the movements of whales and investors holding over 0.1% of the circulating supply. It is also a crucial gauge for market sentiment. The spike in netflow suggests that big players are building up their holdings, which is a bullish sign.
It is worth noting that spikes in netflow have historically lined up with market bottoms, suggesting a lot of buying during corrections.
More data
The rise in large holders’ inflows also backs up the bullish theses around Shiba Inu among whales. Inflows to the wallets of large holders increased by 20 billion Shiba Inu tokens in the past 24 hours, reaching 92.51 billion SHIB.
On the other hand, the amount of SHIB leaving the wallets of big holders dropped a lot. It went from 44.2 billion SHIB to just 12 billion SHIB. With more tokens coming in and fewer going out, this one particular thing for Shiba Inu definitely looks bright.
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