The dog-themed cryptocurrency Shiba Inu has recently experienced a significant increase in on-chain activity, driven by intriguing moves from large holders. According to data from IntoTheBlock, Shiba Inu has seen a staggering 1708.21% surge in netflows from these large players.
Large Holders Netflow, as provided by IntoTheBlock, offers insights into the positions of whales in the market. When there is a spike in netflow, it suggests that large players are accumulating more tokens. Conversely, a drop in netflow indicates reduced positions or selling.
Given the recent price growth of Shiba Inu, which is currently trading at $0.0000096, it is more likely that the surge in netflows represents accumulation by large holders. This positive price movement has contributed to a 9% weekly increase in the value of SHIB.
However, Shiba Inu is also experiencing an increase in outflows, which can have both positive and negative implications. According to IntoTheBlock, there has been a 640% rise in large holders' outflow, indicating funds leaving addresses belonging to whales or investors.
Spikes in outflows can suggest selling from whale addresses or withdrawals from exchanges. The latter is considered a net positive, as it implies that these addresses are choosing to hold their assets for a longer period rather than selling them immediately.
In addition to the on-chain activity, the Shiba Inu community is buzzing with anticipation for Valentine's Day. Lucie, a member of the SHIB team, has provided some clarifications regarding Sheboshis, the female counterpart of Shiboshis. Lucie revealed that Sheboshis were first mentioned publicly at the Eth Conference in August 2023, but discussions within the Shiba Inu team date back to February 2023. It is important to note that Sheboshis have not yet been released, and their launch is expected to offer a unique experience.
The recent surge in on-chain activity for Shiba Inu, along with the positive price growth and anticipation for the launch of Sheboshis, highlights the growing interest and engagement within the Shiba Inu community. Investors and enthusiasts should continue to monitor these developments closely as they navigate the dynamic world of cryptocurrencies.
