Whales’ interest in Shiba Inu has reached a fever pitch this week. Data from IntoTheBlock reveals a surge of over 500% in large transactions on SHIB, indicating a return of the meme coin frenzy. This massive jump from 1.2 trillion SHIB tokens to a whopping 6.6 trillion has occurred in a timeframe of just two days.
In terms of dollar valuation, the growth in the large transaction volume is worth over $70.45 million from a mere $12 million, an impressive surge of 590%. A transaction from these cohorts ranging from a minimum of $100,000 to $1,000,000 highlights the increased interest among whales. Subsequently, the uptick in transaction volume has sparked a 1,701% rise in netflow, according to on-chain data.
While a surge in netflow is a testament to the robustness of the meme coin ecosystem, offering insights into the strategic moves of major players, it can also indicate significant accumulation. Market experts perceive these whale movements as an ongoing accumulation of SHIB tokens with a probable intent of depositing in exchanges. All these can be indicators of an upcoming sell-off.
Since last week, a staggering 90 billion Shiba Inu has flowed within the network of large holders, intensifying speculation and market scrutiny. Still, a significant 77% of SHIB addresses have maintained their holdings for over one year, underscoring strong investor confidence. These whale movements coincide with an increased push from the meme coin proponents for a SHIB ETF.
Shiba Inu ETF Proposal
Ramping up efforts, Shiba Inu team members have put up a change petition to gather community support for a spot SHIB ETF at Grayscale Investments. Addressing the CEO of Grayscale, Michael Sonnenshein, the petition asserted that an ETF would simplify for a broader audience the process of investing in SHIB, removing the hurdles associated with direct purchases and digital wallet management.
By leveraging Shiba Inu’s proven popularity and market demand, Grayscale would not only respond to investor needs but also lead the way in incorporating new cryptocurrencies into structured investment vehicles. We request Grayscale Investments, LLC to assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF.
Represented by a collective of investors, digital currency enthusiasts, and advocates, the petition has garnered 2,455 signatures, all endorsing the spot ETF.