Whale net flows for the dog-themed cryptocurrency Shiba Inu (SHIB) have lately increased negatively by 30,045%.
Shiba Inu is recorded -30,045 % in Large Holders Netflow, a statistic that gives an indication of the change in whale holdings, according to IntoTheBlock data.
Increases in netflows might be interpreted as the result of major players building up their positions, whilst decreases indicate selling.
Shiba Inu whale netflows have dropped 30,045%, which might mean that significant investors are cutting back on their holdings or perhaps selling. This might be caused by both market mood and profit-taking.
Whales could be capitalizing on recent price hikes to lock in gains. Additionally, whales may be reducing their exposure due to unfavourable sentiment or uncertainty around the larger cryptocurrency market.
Even while this may be seen as a negative indication, how the bigger market performs over the next few days will determine how SHIB’s price is affected overall. Investors may maintain a watchful eye on SHIB on-chain data and technical analysis as the market scenario unfolds.
SHIB eyes potential reversal
Shiba Inu may be well-positioned to do well once Bitcoin stabilises and altcoins resume their upward trend after a period of sluggish market action, citing a new research by Santiment.
The long-term returns on Shiba Inus are down a staggering -31.7%, but the 30-day average trade returns are down just 1.1%.
Wallets holding less than one billion SHIB now account for the smallest fraction of the supply, as they have since November 2022. Given that one billion wallets hold the great bulk of the network, this indicates a significant quantity of false information.
The bright side is that fear, uncertainty, and doubt, or FUD, frequently serves as a catalyst for price hikes.
As of this writing, SHIB was trading at $0.00001329, down 0.48% over the previous day.
