As fear, uncertainty and doubt reign supreme in the cryptocurrency space, market participants find themselves in the midst of notorious volatility and digital asset price imbalances. Against this background, it is extremely difficult to make investment decisions, and there is little to guide them. However, on-chain data may provide some clarity.
For example, for a popular cryptocurrency inspired by memes. Shiba Inu (SHIB)data from IntoTheBlock shows bullish activity on the part of major players. In particular, the Large Holders Netflow indicator, which shows the net inflow of cryptocurrency to wallets containing at least 0.1% of tokens in circulation, jumped by 82% over the past 24 hours, reaching SHIB 2.4 trillion, or almost $72 million.
This means that whales, as large participants are commonly called, are actually buying more Shiba Inu tokens than they are selling.
At the same time, more detailed data shows that both inflows and outflows from these SHIB wallets, on the contrary, are decreasing, but bullish activity prevails over bearish activity.
It is worth considering this data in the context of the price action of the popular meme cryptocurrency, which is trading in an extremely narrow range around $0.000028 per share. Shib all the time. In general, such price patterns are characteristic of the accumulation phase.
Based on all the data, it can be assumed that the main investors in Shiba Inu token are currently actively accumulating tokens, and the rate of accumulation is only increasing. It is obvious that one day the lull in the SHIB price chart will develop into a significant movement, and while bets are being placed, it will be upward.
