The on-chain activity around popular meme-inspired cryptocurrency Shiba Inu (SHIB) is hinting at something interesting in the coming days
Data from IntoTheBlock shows a surge in activity among large holders of Shiba Inu (SHIB) with a 2,944% increase in netflow over 24 hours.
The net flow of SHIB tokens into whale wallets amounted to 322.7 billion SHIB, compared to -10.96 billion SHIB the previous day.
This shift to positive netflow indicates a bullish sentiment among whales, who are accumulating SHIB tokens.
The total inflow of SHIB tokens into whale wallets reached 2.67 trillion SHIB, while outflows were slightly lower at 2.35 trillion SHIB.
The surge in activity coincides with a recent rally in the price of SHIB, which broke out of a six-month downtrend and surged over 40%.
After a partial correction with a 19% loss, buyers pushed the price up 6% from that level.
This price action is likely reflected in the on-chain metrics, as large holders adjust to the changing market conditions.
The correction in SHIB is considered healthy, with only a third of the September price pump being lost.
This opens up further upside potential for SHIB tokens, as weaker hands have exited during the recent price dump.
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