In the last day, one of the primary on-chain measures for the well-known meme-inspired cryptocurrency Shiba Inu (SHIB) has experienced a very unusual increase. The cryptocurrency’s net flow into the wallets of those who own at least 0.1% of the circulating quantity of Shiba Inu increased 1.559% in a single day, from 44.45 billion SHIB to 693 billion SHIB, according to IntoTheBlock.
This number is composed of two distinct outflow and inflow numbers, both of which rose throughout the reviewed period.
As a result, the amount of Shiba Inu tokens that entered big wallets rose by 48.8% to SHIB 11.25 trillion. Regarding outflows, the day-over-day rise was 40.4%, and the total token value was 10.55 trillion SHIB.
Interestingly, the price of the well-known meme cryptocurrency dropped more than 25% in the last two days before reaching the $0.000023 zone, indicating that the inflows outperformed the market.
Shiba Inu (SHIB): Price outlook
Despite the drama of this downward movement, technical analysis views this correction as healthy because it ended at 0.5 on the Fibonacci scale, which is regarded as a crucial level to validate bulls’ intentions, after the market had risen more than 80% in the preceding weeks.
The price of the Shiba Inu token increased by 3% and surpassed this zone, quoted at $0.0000241, after hitting this significant level today.
It’s unclear which scenario was more important—the whales purchasing Shiba Inus and then rising, or the rallying and then buying—but the charts make it obvious what the major players’ goals are and how SHIB’s price is moving.
