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Shiba Inu Experiences Unexpected Surge in Whale Investments During Cryptocurrency Market Decline
- Shiba Inu has witnessed a significant rise in inflows from large holders, even as the broader crypto market experiences a price decline.
- On October 7, whale inflows for SHIB were recorded at 169 billion, which surged to nearly 3 trillion on October 8, representing a 1,587% increase.
- Substantial inflows may suggest accumulation and possible market bottoms as major investors purchase during price dips.
Shiba Inu is experiencing an unexpected increase in large-holder inflows while its price decreases amid a broader crypto market downturn. As reported by on-chain analytics firm IntoTheBlock, SHIB’s whale inflows skyrocketed from 169 billion on October 7 to almost 3 trillion on October 8—a remarkable 1,587% increase.
Significant inflows can indicate accumulation and potential market bottoms as larger investors buy during price dips. This metric increased even as SHIB’s price fell by approximately 4%, defying expectations. Santiment observed that recent high levels of trader loss-taking and mild panic are often precursors to capitulation bottoms.
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Shiba Inu trades in the red
Currently, Shiba Inu is trading at $0.0000006898, reflecting a decline of nearly 4.2% over the past 24 hours amid bearish sentiment. However, its network activity suggests the possibility of a bullish reversal.
The inherent volatility of cryptocurrencies implies that bear markets are not permanent. If SHIB can regain key moving averages around $0.0000075 and $0.0000086, it may signal a potential recovery.
At this moment, whales seem to be positioning themselves during the sell-off. Their inflow spike presents a positive aspect as overall markets face pressure. Should the crypto market experience a relief rally, SHIB could be well-positioned for significant gains.
As is often the case in crypto, price movements and on-chain data can diverge in their interpretations of market bottoms. Nevertheless, the unexpected whale activity adds depth to SHIB’s bearish price trend. Astute traders should monitor for signs of accumulation that could initiate a recovery.
