The recent surge in large holder inflows for the dog-themed cryptocurrency Shiba Inu (SHIB) has sparked significant interest in the market. This indicator, which tracks funds flowing into whale-owned addresses, has seen a staggering 924% increase, pointing towards significant buying activity within the SHIB ecosystem.
Large holders typically make purchases on centralized exchanges before moving their assets to secure cold storage, suggesting a strong commitment to holding onto SHIB. Data from IntoTheBlock reveals a massive spike in large holder inflows, climbing from 603.55 billion SHIB to 3.79 trillion SHIB within a short timeframe.
The surge in large transaction volume, indicating heightened whale activity worth $169.27 million or 9.07 trillion SHIB, further cements the bullish sentiment surrounding Shiba Inu. This surge in whale activity has propelled SHIB to reach fresh highs, with the token hitting $0.00001976 in recent trading sessions.
Despite the impressive rally, analysts caution that traders should be wary of potential FOMO (fear of missing out) driving the price further. Santiment notes that on-chain activity, token circulation, and whale transactions have all reached 10-week highs, signaling a strong interest in SHIB. However, to surpass its previous year-high of $0.000043, a period of consolidation may be necessary for SHIB to establish a sustainable uptrend.
