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The popular inspired by memes Shiba Inu (SHIB) The cryptocurrency has seen nearly 500 billion coins of activity on behalf of its largest investors, according to data from In the block.
In particular, the key on-chain metric Large Holders Inflow, which tracks the movement of those holding at least 0.1% of the circulating Shiba Inu token supply, saw a staggering spike over the past 24 hours, the number of SHIB flowing into these wallets almost doubled to 492.81 billion SHIB.
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Meanwhile, outflows from these wallets totaled 382.94 billion SHIB over the same period. Currently, SHIB’s net flow stands at 109.87 billion coins, in stark contrast to the negative net flow seen the day before.
Since these wallets are owned by real Shiba Inu whales, and not exchanges, which is a possibility, this could mean that large investors were mostly buying the meme coin yesterday.
Shiba Inu (SHIB) Price Teases Bull Flag
Given that whales massively absorb SHIB, it is interesting to see what caused them to do so. The answers can be found in the price table of the Shiba Inu Token.
As such, the meme cryptocurrency continues to form what could be a bull flag pattern. Even if the price of SHIB has been falling for four days, it has not seen a massive sell-off and, given that it rose 20% in two days before the fall began, this can be considered a correction before the growth of price does not resume.
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If this succeeds and the trend continues, SHIB price could reach $0.00003 and above, which could explain why whales are more bullish at the moment.