CandleFocus Shiba Inu (SHIB) Rockets 361% in Whale Activity: Bullish?
2024-11-04
Author: Content Editor
According to data from IntoTheBlock, there has been a significant increase in large-scale transactions involving Shiba Inu (SHIB) in the past 24 hours. The number of transactions in USD has surged from $10.95 million to $39.6 million, with the total amount of SHIB tokens involved rising from 628.55 billion to 2.34 trillion. This suggests that major investors, or "whales," are becoming more interested in SHIB. However, the inflow and outflow trends indicate a bearish undertone to this activity, as the Large Holders Netflow metric has changed from a positive inflow to a negative outflow of SHIB tokens. This suggests that large holders may be selling their SHIB holdings instead of accumulating more. Overall, this sudden increase in SHIB whale transactions reflects bearish movements based on current on-chain data, raising doubts about the potential for bullish developments in the near future.
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