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Shiba Inu (SHIB) netflows surged by 8,530% this past week, indicating heightened whale activity and market anxiety.
Unprecedented 8,530% Surge in SHIB Netflows Reported
An indicator of the movement of crypto whales, big-holder net flows have recently surged in Shiba Inu (SHIB), according to data from IntoTheBlock.
The large holder netflows for Shiba Inu experienced a negative increase of 8,530.25% throughout the past week. Reductions in netflows from major holders may suggest selling in most cases.
On-Chain Data Reflects SHIB's Volatile Netflows
Given the recent occurrence where a substantial quantity of SHIB, over 5.4 trillion tokens, were sold following the WazirX exploit, the negative rise in netflows is not that surprising. Shiba Inu's on-chain reaction to incident-triggered sales can be reflected in the concerning netflow rise.
U.Today reports that the crypto market was shocked last week when the Indian exchange WazirX lost customer money and processed over $230 million in withdrawals due to a security vulnerability in one of its multisig wallets.
Blockchain data shows that the majority of the missing funds—5.4 trillion SHIB tokens, valued at almost $100 million—were removed and subsequently sold by the exploiter.
Post-WazirX Incident, SHIB Price Witnesses Volatility
Shortly after the WazirX event, the price of Shiba Inus rose for three days in a row before falling again.
In line with the wider decline in the overall cryptocurrency market, SHIB fell 2.2% in the past 24 hours, reaching $0.0000175 as of this writing. The present price action of Shiba Inu has pushed it dangerously close to a major obstacle that must be broken in order for it to continue rising.
Near the current Shiba Inu trading price, 37,560 addresses purchased 434.97 trillion SHIB for an average price of $0.000018, with prices ranging from $0.000017 to $0.000019, according to data from IntoTheBlock.
A surge in purchasing activity and, perhaps, a price hike for SHIB might result from a price break through this substantial barrier. Looking ahead to SHIB's next big move, the market will be intently watching its trajectory in the days to come.
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