Shiba Inu (SHIB) Rockets 540% in 24 Hours in Bullish Whale Activity

The popular meme-inspired Shiba Inu (SHIB) cryptocurrency continues to make headlines, this time with a staggering more than fivefold increase in a key on-chain metric. 

According to IntoTheBlock, behind the scenes, the 13th largest capitalization digital asset has seen more excitement from whales in the past 24 hours, specifically expressed in a 540% increase in Large Holders Netflow. 

This figure tracks the netflow of Shiba Inu tokens into the wallets of those holding 0.1% of the circulating supply. When such spikes occur, it can indicate a sharp accumulation of the meme cryptocurrency by this category of investors.

Source: IntoTheBlock

In particular, the net flow rose from -48.1 billion SHIB to 265 billion overnight, which was the highest in the past week. Digging deeper, we can see that this figure is made up of 767.33 billion SHIB inflows and 502.33 billion SHIB outflows. 

Source: IntoTheBlock

However, an important remark must be made here that during the 24-hour period in question, inflows increased by more than 50%, while outflows decreased by 10%.

U.Today previously reported on such a whale, when an unknown large investor withdrew more than a million dollars in SHIB in 24 hours from the largest U.S. exchange, Coinbase. As you can see, he was not alone in his accumulation of the popular meme cryptocurrency, and this trend was prevalent among large investors. 

Whether this trend will continue and how it will play out on the Shiba Inu token price chart remains to be seen.