By lutch 
In a significant development for the Shiba Inu (SHIB) ecosystem, on-chain data reveals a massive 7,140% spike in the daily netflow of SHIB to large holders, or “whales,” accounting for an influx of 799.32 billion tokens. This surge comes at a time when SHIB is testing a critical support level at $0.00002, suggesting that large investors are actively accumulating the meme coin amidst market volatility.
This notable increase in whale activity was observed on December 24, 2024, as SHIB experienced a price retest of the $0.00002 level, a point that has been pivotal in previous market movements. The data, sourced from IntoTheBlock, indicates that these whales procured 1.21 trillion SHIB while selling about 413 billion tokens, leading to the net positive flow. This activity reflects a strategic accumulation by large holders, possibly anticipating a price rebound.
The Shiba Inu community has been closely watching these whale movements, often interpreting such spikes as bullish signals. The market has seen SHIB struggle to maintain above this support, with the cryptocurrency dropping by 16.59% in December. However, the increased netflow to whale addresses could signal a potential stabilization or even a price recovery if this accumulation trend continues.
Despite the bearish market conditions, the substantial movement of SHIB to large wallet addresses suggests that significant investors might see value in holding or even increasing their positions at current price levels. This could lead to a decrease in selling pressure, potentially setting the stage for a price recovery if market sentiment shifts positively.
Observers and investors in the SHIB market will be keeping a close eye on how these whale activities influence the broader price trends, especially as the coin looks to defend its breakout above a symmetrical triangle pattern observed over recent months.
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