Shiba Inu Bucks Bearish Trend: Large Holder Netflow Rises 1079% To 4.68 Trillion SHIB
December 13 2023 - 9:30AM
NEWSBTC
Shiba Inu has been going against the bearish trend recently,
especially with the increased adoption of the Shibarium Layer 2
network. This time around, it is large holders who are driving the
bullish return. Specifically, these large holders have increased
their positive net flows by more than 10x. Shiba Inu Large Holder
Netflow Jumps 1079% According to the on-chain data tracker
IntoTheBlock, the Shiba Inu large holder net flow has seen a
significant rise. These large wallets saw their net flow ( the
total difference between inflows and outflows) rise an outstanding
1079% starting from December 10. Related Reading: Crypto Analyst
Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline
In total, the net flow of these large wallets came out to a
whopping 4.68 trillion SHIB. Now, this is important when placed in
comparison to the numbers from the previous days which the tracker
shows to be just under the 287 billion SHIB mark. A logical
explanation for this massive uptick in net flows is that these
whales are looking to take advantage of the low SHIB prices. On
December 10, the SHIB price was still trading above $0.00001, which
is when the net flows were under 287 billion. However, as the SHIB
price began to drop, the net flows of these large accounts began to
rise. The further the price dropped, the more the whales added to
their wallets. This shows a clear intent to accumulate tokens with
the belief that the price is poised to bounce back again. SHIB
price falls below $0.00001 | Source: SHIBUSD on Tradingview.com
SHIB Investor Sentiment Turning Bullish The decline in price has
understandably eroded investors’ bullishness to a certain degree.
But this seems to be short-lived especially as metrics begin to
turn toward the upside. The first of these is the SHIB burn rate
seeing an uptick in the last day. Related Reading: XRP Price
Prediction: Crypto Analyst Expects 200% Jump As Critical Support
Forms Data from Shibburn highlights a 49% increase in the burn rate
of the meme coin over the last 24 hours. This comes as a total of
2.88 billion tokens were burned by the community at this time.
Usually, this happens as investors expect a turning point in the
price. Additionally, the Shiba Inu Fear & Greed Index has also
managed to maintain a neutral level. This suggests that there is
still a good level of bullishness left after the price decline. As
long as metrics continue to improve, there could be a turnback
toward recovery soon. Featured image from CryptoRank, chart from
Tradingview.com
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