According to data provided by the esteemed crypto-intelligence platform IntoTheBlock, there has been a remarkable upsurge in the quantity of newly created addresses linked to the Shiba Inu token. Over the course of the past week, the number of addresses held by Shiba Inu token holders has experienced a meteoric rise, surging by an impressive 7,790.
What is truly astonishing is the extraordinary rate at which these new addresses are emerging. The daily growth rate has nearly doubled, jumping from 1,900 to 3,440.
The surge in the number of new addresses aligns with a significant recovery in the price of SHIB, as the token witnessed a rebound of over 8%, and at one point, even surged by 11%. This price recovery followed a tumultuous period in the cryptocurrency market, during which the value of the Shiba Inu token temporarily dropped to $0.000007.
An additional significant finding is the reduction in the quantity of zero addresses associated with SHIB, indicating the utilization of “discounts” for acquiring the token. Since last Friday, the number of zero addresses has decreased from 2,650 to 1,520, suggesting that investors capitalized on the price decrease to obtain Shiba Inu. This surge in new addresses, coupled with the decrease in zero addresses, implies a potential influx of new holders if the positive price trend for SHIB persists.
The analysis of on-chain data is crucial for verifying this expectation and will provide valuable insights into the future trajectory of the Shiba Inu token.
8% SHIB Price Surge Rocks Market, Prompting Shiba Inu Whales to Exercise Restraint
In an unexpected twist, the Shiba Inu token has undergone a significant revival, surging by more than 8% following its recent decline merely two days ago. The latest insights from IntoTheBlock’s on-chain analytics unravel this intriguing phenomenon, showcasing a noteworthy change in the actions of prominent SHIB holders, widely referred to as whales
Based on the data, there has been a remarkable increase in the net flow of Shiba Inu tokens to the wallets of influential holders, surging by an astonishing 50 billion tokens in the last 48 hours. What makes this surge unique is that it is not attributed to a sudden influx of new tokens into the wallets of these major SHIB holders. Surprisingly, there were no significant spikes in buying activity that accompanied this price rebound.
Rather than a surge in new tokens, there was a discernible decrease in the outflow of Shiba Inu tokens from whale addresses. This reduction in selling activity effectively balanced out the relatively modest inflows, resulting in a positive net flow. This substantial shift in behavior implies that major SHIB holders have chosen to reduce their selling activities, indicating a sense of cautious anticipation regarding the future price dynamics of the Shiba Inu token.
During the recent downturn in the market, SHIB demonstrated its ability to maintain the $0.000007 per token level. This specific range has displayed remarkable resilience, serving as a strong support level for the price of SHIB. As long as the token remains above this crucial threshold, there is a perceived possibility of further upward momentum. It is likely that whales are also recognizing this potential.