Shiba Inu (SHIB) Whales Accumulate Tokens as the Meme Coin Trades in a Narrow Range

As fear, uncertainty and doubt reign in the cryptocurrency space, market participants find themselves in the midst of notorious volatility and dislocation in the prices of digital assets.

Amidst the fear, uncertainty and doubt in the cryptocurrency market, participants face volatile and dislocated prices for digital assets. In such a scenario, making investment decisions becomes challenging with limited guidance. However, on-chain data may offer some insights.

For instance, data from IntoTheBlock for the popular meme-inspired cryptocurrency Shiba Inu (SHIB) suggests bullish activity from major players. Specifically, the Large Holders Netflow indicator, showcasing the net flow of cryptocurrency to wallets holding at least 0.01% of the circulating tokens, saw an 82% surge over the last day, reaching 2.4 trillion SHIB, valued at approximately $72 million.

This indicates that large participants, commonly known as whales, are buying more Shiba Inu tokens than they're selling.

Meanwhile, finer details reveal that both inflows and outflows from these SHIB wallets are declining, but bullish activity surpasses bearish.

It's important to note the context of this data with the price action of the meme cryptocurrency, which has been trading within a very narrow range throughout, at about $0.000028 per SHIB. Typically, such price patterns are characteristic of an accumulation phase.

Considering all the data points, it can be inferred that major investors in the Shiba Inu token are actively accumulating the token, and the rate of accumulation is increasing. It seems likely that the calm on the SHIB price chart will eventually lead to a significant price movement, and if the money is to be believed, it will be upwards.