Shiba Inu (SHIB) Triggers Surprising 483% Netflow Spike as Whales Make Epic Return

Thu, 28/03/2024 – 12:35

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Dog-themed cryptocurrency Shiba Inu is seeing a positive net flow spike, according to on-chain data. IntoTheBlock Large Holders Netflow, which provides an idea of the change in the positions of whales, has surged by a whopping 483%, suggesting a comeback by this class of investors.

Large holders’ netflow increased from -41.19 billion SHIB on March 26 to 2.11 trillion SHIB on March 27.

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Netflow spikes might be interpreted as accumulation by large holders or whales, while dips indicate reduced positions, or selling.

In the case of Shiba Inu, accumulation from large holders may be the primary factor, since a recent unexpected statement by Ethereum cofounder Vitalik Buterin about Shiba Inu massively surpassing his expectations may have influenced whales positively.

Yesterday saw a massive two trillion SHIB move from the KuCoin exchange to, probably, cold storage in the wake of the current regulatory crackdown that befell the exchange and two of its founders.

At the time of writing, SHIB was up 4% in the last 24 hours to $0.00003126, and up 17% weekly.

Shiba Inu news

The Damn team recently torched over 6,627.74 Wrapped BONE (WBONE) and 77,386,493 SolKiller DAMN, according to the latest issue of SHIB magazine. Last Sunday, another 5,018 BONE and 60,724,821 DAMN were systematically destroyed.

Shiba Inu layer 2 Shibarium has recently seen a huge increase in its total value locked. According to data from DeFi TVL aggregate DefiLlama, Shiba Inu’s TVL is currently $3.72 million after hitting $3.9 million on March 26. This milestone represents a level of liquidity not seen since the platform’s initial launch last August.

Shiba Inu partner ZAMA, a pioneer in the field of homomorphic encryption (FHE), has proposed a radical solution: HTTPZ, a new internet protocol that would ensure end-to-end encryption by default. The innovation would secure users’ data until it reaches its destination, radically altering online interactions.

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