Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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. Against this backdrop, it is extremely difficult to make investment decisions, and there is little to guide one. Nevertheless, on-chain data can provide some clarity.
For example, for the popular meme-inspired cryptocurrency Shiba Inu (SHIB), data from IntoTheBlock shows what appears to be bullish activity on the part of major players. In particular, the Large Holders Netflow indicator, which shows the net flow of cryptocurrency to wallets holding at least 0.1% of the tokens in circulation, jumped 82% in the past day, reaching 2.4 trillion SHIB, or nearly $72 million.
Related
This means that the whales, as large participants are commonly called, are actually buying more Shiba Inu tokens than they are selling.
At the same time, more detailed data shows that both inflows and outflows from these SHIB wallets are, on the contrary, decreasing, but bullish activity prevails over bearish.
It is worth considering the data in the context of the price action of the popular meme cryptocurrency, which has been trading in an extremely narrow range around $0.000028 per SHIB all along. In general, such price patterns are characteristic of the accumulation phase.
Related
Based on all the data, we can assume that major investors in the Shiba Inu token are currently actively accumulating the token, and the rate of accumulation is only increasing. It is obvious that one day the calm on the SHIB price chart will erupt into a significant movement, and while money is being bet, it will be upward.