The popular meme-inspired Shiba Inu (SHIB) cryptocurrency saw nearly 500 billion coins worth of activity on behalf of its largest investors, according to data from IntoTheBlock.
In particular, the key on-chain metric Large Holders Inflow, which tracks the movement of those holding at least 0.1% of the Shiba Inu token supply in circulation, saw a stunning spike in the last 24 hours, with the number of SHIB flowing into those wallets nearly doubling to reach 492.81 billion SHIB.
Meanwhile, outflows from these wallets totaled 382.94 billion SHIB over the same period. As it stands, the net flow of SHIB totaled 109.87 billion coins, which is in stark contrast to the negative net flow observed last day.
Considering that these wallets belong to 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
Since whales are absorbing SHIB en masse, it’s interesting to see what prompted them to do so. The answers can be found in the price chart of the Shiba Inu token.
As such, the meme cryptocurrency continues to form what could be a bull flag pattern. Although the price of SHIB has been falling for the past four days, it has not seen any rapid sell-offs, and considering that it rose 20% in two days before the fall began, it can be considered a correction before the price growth resumes.
If this is successful and the pattern is confirmed, the price of SHIB may rise to $0.00003 and above, which may explain why the whales are more on the bullish side at the moment.
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