Shiba Inu (SHIB) witnessed a significant 285% surge in netflow, driven by increased whale activity, suggesting potential bullish momentum for the meme-inspired cryptocurrency.

Shiba Inu (SHIB) On-Chain Activity Surges

There has been a significant uptick in on-chain activity for Shiba Inu (SHIB) in the last day. Some important indicators point to a possible bullish trend for the famous meme-inspired cryptocurrency.

So, according to IntoTheBlock's data, SHIB's Large Holders Netflow has been significantly growing as of late. During the time frame we are considering, it increased from 28.24 billion SHIB to 80.51 billion SHIB. Just in the last 24 hours, there has been a 285% gain.

Investors and whales with more than 0.1% of the supply can be followed with ease using the Large Holders Netflow. A key indicator of market mood, it is as well.

SHIB Sees 285% Growth as Whales Accumulate

A bullish sign, the increase in netflow indicates that major players are increasing their holdings. A lot of buying seems to occur during corrections, since surges in netflow have traditionally coincided with market bottoms.

Per U.Today, increases in the number of significant investors providing funding also lend credence to the bullish thesis around Shiba Inus among whales. Over the last day, 92.51 billion SHIB (or 20 billion Shiba Inu tokens) have made their way into the wallets of big holders.

Significant Drop in SHIB Outflows from Whales

The amount of SHIB being removed from the wallets of large holders, however, decreased significantly. The amount dropped from 44.2 billion SHIB to a meager 12 billion SHIB. This one aspect for Shiba Inu is looking good with more tokens coming in and fewer going out.