Shiba Inu (SHIB) Explodes 2,944% in Massive Bullish Whale Activity Spike

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The on-chain activity around popular meme-inspired cryptocurrency Shiba Inu (SHIB) is hinting at something interesting in the coming days, as it has been revealed, thanks to data from IntoTheBlock, that the number of large holders' netflow has skyrocketed by over 2,944% in the last 24 hours.

To put it in numbers, the total net flow of Shiba Inu tokens into the whale's wallet was 322.7 billion SHIB. This compares to -10.96 billion SHIB the day before. 

So, not only has the amount of token movement skyrocketed, but it has also turned positive, meaning that the whales have become bullish and have started to accumulate. This is also reflected in the special inflow metric, which reached a staggering 2.67 trillion SHIB during the period under review, while outflows lagged slightly with a figure of 2.35 trillion SHIB.

Source: IntoTheBlock

Whales in, paper hands out

What's behind the surge is definitely the price of the popular meme coin. Or, interest in it is rising. After breaking out of a six-month-long downtrend, the price of Shiba Inu went on a rally of over 40%, which brought its quotes as high as $0.0000217. 

Since then, SHIB has undergone a complete correction, peaking yesterday with a loss of 19%, but buyers quickly bought this price imbalance and pushed it 6% higher. 

Source: TradingView

This is probably what you see in the on-chain stats as this price action collides with whales' moves. 

Now the correction in SHIB is seen as healthy as only a third of the September pump has been lost. This opens a path higher for the Shiba Inu token as all the unnecessary passengers and latecomers are gone with the dump.