News - Large Shiba Inu whales collect tokens
Lately, the well-known memecoin Shiba Inu has been facing a downward in terms of price. Despite market uncertainty, there is now a bright spot. Large Shiba Inu whales have begun to accumulate SHIB tokens.
Data from IntoTheBlock shows that large SHIB holders, both "investors" and "whales," have actively purchased SHIB tokens during the past week. These large holders own between 0.1% and 1% of the total circulating stock or even more than 1% of the stock. "Investors" refer to the significant holders as defined by IntoTheBlock, while "whales" are the most influential players within the Shiba Inu network. These large SHIB holders have significant influence in the cryptocurrency market. Therefore, their actions and behavior are closely monitored because of potential market implications.
To measure the behavior of these significant investors, IntoTheBlock uses the "netflow" metric, which tracks the net number of incoming and outgoing Shiba Inu tokens from these wallets.
A positive netflow value indicates a surplus of SHIB tokens flowing into the wallets of these large holders. This indicates that these investors are actively accumulating, which could potentially have a positive impact on the price of this memecoin. On the other hand, values below zero indicate that a net amount of cryptocurrency is leaving the wallets of this group. Simply put, the investors are selling their SHIB tokens, which could have negative effects on the price.
In this recent period, large holders have collectively collected $100 million in Shiba Inu tokens. While this is not an excessive amount, it is still significant. Most importantly, this accumulation trend indicates that these investors are not busy selling. For Shiba Inu, which has faced a falling price, this accumulation can be seen as a sign of optimism.