Shiba Inu continues to attract attention, with recent on-chain data indicating that new wallets have acquired more than 18 billion tokens in the last fortnight. This surge in activity highlights the enduring popularity of this cryptocurrency. These interesting findings have emerged from data provided by NerdBot, an analytical resource specializing in on-chain data. NerdBot’s latest discoveries reveal a consistent pattern of accumulation among newly established wallets, signaling a growing interest in Shiba Inu.
According to this data, the accumulation trend began around September 20. However, between that date and September 24, the rate of accumulation remained relatively modest, with daily cumulative purchases consistently staying below 500 million SHIB. A significant turning point occurred on September 25 when Shiba Inu experienced a substantial spike in accumulation, surpassing 5 billion tokens in a single day. This substantial increase might suggest that investors were ready to capitalize on the cryptocurrency’s dip. This came after a surge to $0.00000751 the day before, followed by a setback. The 5 billion cumulative figure recorded on that day represents the highest daily accumulation observed in the past two weeks.
While accumulation remained relatively stable after this noteworthy day, there were occasional dips, with accumulation at times dropping below the 2 billion SHIB mark. Nevertheless, as September came to a close, accumulation regained momentum, consistently staying above the 3 billion mark from September 30 to October 2. Despite occasional fluctuations, the most recent data reveals that over the past 14 days, more than 18 billion SHIB tokens have been accumulated.
Shiba Inu’s Exchange Exodus
In line with this growing pattern, data provided by NerdBot also indicated a notable decrease in exchange net flows, marking the most negative value seen since September 25. Exchange net flows represent the total value of assets that either enter or exit cryptocurrency exchanges on a given day. For the two days prior to this change, net flows had remained in positive territory before taking a reverse course.
So far, the cumulative net flows have amounted to an outflow of 120 billion. Traditionally, such a trend is viewed favorably because negative net flows suggest that more investors are transferring their tokens out of exchanges.
Furthermore, NerdBot revealed the actions of a significant new holder, identified as 0xb75, who has withdrawn a substantial quantity of SHIB. In the past three weeks, a total of 292.5 billion Shiba Inu tokens have exited the largest U.S. exchange, Coinbase. As of the current moment, SHIB is trading at $0.000007165, marking a 1% decrease for the day.