Whales decrease their Shiba Inu holdings, indicating potential consolidation, while growing adoption is seen with the increase in SHIB holding addresses.
- Shiba Inu (SHIB) witnesses a 756% negative netflow in large-holder positions.
- Despite this, the number of SHIB holding addresses has reached 3.59 million.
- These contrasting indicators suggest a current wait-and-watch approach among whales, while general adoption is on the rise.
Data from IntoTheBlock shows a significant drop in Shiba Inu’s large-holder netflows, with a negative netflow of 756%. This suggests that whales, or investors holding more than 0.1% of the SHIB supply, are reducing their positions. The general lethargy in the crypto market since September appears to coincide with this reduced activity among large SHIB holders.
A detailed analysis of Shiba Inu’s hourly chart reflects a consolidation phase, hinting that whales might be anticipating an upward price movement in the future. When accumulation activity resumes, it might signal a new price trajectory for Shiba Inu, making the large holders’ Netflow indicator an essential tool for investors.
#Shiba Inu (SHIB) sees 756% drop in weekly netflows, what this means #SHIB $SHIB #ShibArmy #SHIBCommunity https://t.co/s2jKfB0Qu4
— Taiju Shiba 🐶 (@TaijuShiba619) September 20, 2023
On-Chain Data Signals Optimism
Even with a 0.66% decline in SHIB prices over the last day, there’s a silver lining. The number of addresses holding Shiba Inu has touched an impressive 3.59 million, suggesting a growing adoption trend. This rise in the number of SHIB addresses, juxtaposed with the coin’s stagnant price, hints at an on-chain bullish divergence.
Although the immediate market trends don’t offer a clear direction for SHIB’s price, the persistent increase in SHIB holding addresses suggests a robust and sustained interest in the coin.
To Sum it All Up….
As the broader crypto market remains in anticipation of a more substantial upward movement, Shiba Inu stakeholders will have their eyes glued to netflow and on-chain data. The juxtaposition of declining whale activity and rising general adoption might provide crucial insights into SHIB’s future price movement. Investors and traders would be wise to closely monitor these trends as they navigate the evolving Shiba Inu landscape.
