Shiba Inu (SHIB): Whales Are Buying the Meme-Inspired Coin, But the Event Is Not Yet Massive
- Linda HamiltonOriginal
- 2024-10-08 00:28:09627browse
The popular meme-inspired cryptocurrency Shiba Inu (SHIB) may be mispriced, according to IntoTheBlock. As evidenced by the on-chain data, there has been a notable spike in the Large Holders Netflow metric over the past 24 hours.
The popular meme cryptocurrency Shiba Inu (CRYPTO: SHIB) might be mispriced, according to IntoTheBlock.
As evidenced by the on-chain data, there has been a notable spike in the Large Holders Netflow metric over the past 24 hours. The metric tracks the amount of inflows minus outflows related to any holder with more than 0.1% of the Shiba Inu token's outstanding supply.
Thus, the past day saw an increase from -163.24 billion SHIB to 349.3 billion SHIB. Basically, spikes in net flow mean that large players are building positions, while dips indicate that positions are being reduced or sold. Extrapolating this to what we are seeing with SHIB right now, one might conclude that the whales are buying the meme-inspired coin.
However, it is not yet a massive event in the whale ecosphere, as the metrics that track large transactions, those no less than $100,000, retain low activity. For instance, there were 99 such large transactions in the last day, with a total volume of 1.39 trillion SHIB, or $25.2 million.
This may not seem like a lot, but if we average it out, it means that the average large transaction over the past 24 hours was 13.9 billion, or $252,000, which is 2.5 times more than the standard.
Shiba Inu (SHIB): Price outlook
As these on-chain facts show, whales are buying SHIB, but not all of them yet. This puts the price of the Shiba Inu token in a whole new context.
Currently, the meme cryptocurrency is trading at $0.000018. The last two weeks have seen a roller coaster type of price action, with 33.2% gains followed by 6.31% losses, and this week will be crucial in further understanding what lies ahead for SHIB. As can be seen, some of the biggest players have started to place their bets.
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