Shiba Inu (SHIB) has witnessed a remarkable surge in outflows, with a staggering 883% increase recorded last week. Data from IntoTheBlock highlights that between January 15 and January 16, large investors drastically changed their positions, with outflows soaring from 647 billion SHIB to 1.11 trillion SHIB. This notable activity has piqued the interest of market observers eager to understand the underlying causes.
Are Major Players Selling Off Their Holdings?
The dramatic rise in outflows is attributed to profit-taking strategies and market recalibrations among substantial holders. Notably, some investors opted to sell their SHIB tokens when the price dipped to $0.0000196 in the week’s early days.
Can On-Chain Indicators Signal Future Growth?
Data from blockchain transactions indicates a 177% spike in inflows from large investors, particularly funds directed to whale wallets. This trend implies that despite significant sell-offs, some heavy holders continue to accumulate SHIB. Currently trading near the Fibonacci retracement level of 0.786, SHIB appears to be at a crucial support level for potential price recovery.
Market observers are optimistic about SHIB’s short-term prospects. Predictions suggest that if the current market dynamics persist, SHIB’s price could experience impressive gains. Key insights include:
- The potential for an 850% price rise according to
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/shiba-inu-sees-major-outflows-this-week