Meme-Inspired Cryptocurrency Shiba Inu (SHIB) Sees Key On-Chain Metric Rise 1.559% in 24 Hours

Popular meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a truly anomalous rise in one of the key on-chain metrics in the past 24 hours.

Shiba Inu (SHIB) has seen a large amount of cryptocurrency enter the wallets of those who hold at least 0.1% of the circulating supply of the meme coin.

According to data from IntoTheBlock, the net flow into these large wallets increased by 1.559% over the past 24 hours. This equates to a total inflow of 693 billion SHIB, up from 44.45 billion SHIB the previous day.

The net flow is calculated by subtracting the total outflows from the total inflows. Both inflows and outflows saw large increases over the past 24 hours.

In total, there were outflows of 10.55 trillion SHIB from the large wallets, up from 7.51 trillion SHIB the previous day. Meanwhile, there were inflows of 11.25 trillion SHIB, up from 7.58 trillion SHIB.

This net flow into large wallets comes despite a drop in the price of SHIB of over 25% over the past two days.

However, the token rallied on Monday after reaching a low of $0.000023, rising by 3% to trade at $0.0000241 at the time of writing.

Shiba Inu (SHIB) price analysis

After rising more than 80% over the past weeks, SHIB began to correct from a high of $0.000033, dropping to a low of $0.000023 today.

However, this key Fibonacci level provided support, and SHIB rallied 3% from this level.

Now, the token is attempting to rally back to the 0.618 Fibonacci level, which could see SHIB rally to $0.000028.

If this scenario plays out, SHIB will have rallied over 80% from today's lows, and traders should be prepared for this scenario.