Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 5,277% surge in large holder netflows, an indicator that provides an idea of the change in the positions of whales or large holders.
After days of stagnation, Shiba Inu whale netflows surged from 128.59 billion SHIB to 3.5 trillion SHIB on Feb. 7. The sudden surge in netflows often signals increased accumulation from whales and a positive indication if sustained.
The spike in large holder netflows coincides with a significant increase in large holder inflows with 3.8 trillion SHIB recorded in the last 24 hours, contributing to an 892% surge in the week. Meanwhile, large holder outflows have declined in this time frame, suggesting that whales might be deliberate in their actions.
Large Holders Inflows indicate that considerable buying activity is taking place. This is the case because many of these addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage. Spikes in Large Holders Inflows can also indicate price bottoms because large addresses prefer to buy in large quantities after major price drops.
The recent developments on-chain come as Shiba Inu faced a sell-off this week, dropping to lows of $0.00001160 on Feb. 3. Going forward, eyes will be on SHIB to see if it will sustain this positive whale trend and hence initiate a bullish price reversal if market conditions improve.
Shiba Inu rebounds
Shiba Inu reversed early losses in Friday’s session when the cryptocurrency market recovered after January job growth in the United States fell short of expectations.
Shiba Inu rebounded from lows of $0.00001462 on Friday to end the day in green. The rebound sustained till press time, with Shiba Inu up 1.43% in the last 24 hours to $0.00001535.
Shiba Inu announced this week that it has teamed with the UAE’s Ministry of Energy and Infrastructure (MoEI) to employ blockchain technologies in a variety of public services.
MoEI intends to incorporate blockchain-based programs and apps into government services using Shiba Inu’s Operating System (ShibOS), which is built on their Layer-2 blockchain Shibarium. This will streamline processes, boost transparency and improve security.
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