Shiba Inu’s Rally: New Wallets Accumulate Over 18 Billion Tokens Amid Exchange Outflows
In the ever-evolving world of cryptocurrencies, Shiba Inu has recently emerged as a hot topic of conversation. On-chain data, meticulously analyzed by NerdBot, has revealed some intriguing insights into the world of Shiba Inu over the past two weeks.
The data paints a picture of steadily growing interest in Shiba Inu, with an impressive 18 billion tokens being accumulated by new wallets during this period. This impressive accumulation trend has been on the rise since September 20th, signaling a surge in investor interest.
However, it’s worth noting that this wasn’t always the case. From September 20th to 24th, the accumulation rate remained relatively low, with daily purchases staying below 500 million SHIB. But this all changed on September 25th when a substantial accumulation spike saw over 5 billion tokens being scooped up. This sudden surge in purchases might indicate investor optimism in Shiba Inu, seizing the opportunity during a brief downturn.
5 Billion Shiba Inu Tokens Bought in One Day
The peak of 5 billion tokens accumulated on September 25th marked a turning point in the trend. While accumulation rates dipped below 2 billion SHIB after that date, they soon rebounded and remained consistently above the 3 billion mark from September 30th to October 2nd. The latest data shows a staggering accumulation of over 18 billion SHIB in just 14 days, underlining the growing interest and confidence in this cryptocurrency.
In addition to the accumulating wallets, the data also highlights a significant shift in exchange outflows. Exchange netflows, which represent the cumulative value of inflows and outflows on exchanges, have turned negative, reaching the highest negative value since September 25th. This is a bullish sign, suggesting that more investors are withdrawing their SHIB tokens from exchanges, potentially anticipating a long-term hold.
Furthermore, one particular whale, identified as 0xb75, has withdrawn a substantial 292.5 billion Shiba Inu tokens from Coinbase in the past three weeks, adding to the intrigue surrounding the cryptocurrency.
Despite recent market fluctuations, Shiba Inu continues to capture the imagination of the crypto community. It’s currently trading at $0.00000721, down from its recent high of $0.00000761 on October 2nd. With accumulating wallets, negative exchange netflows, and a new whale entering the scene, Shiba Inu’s journey remains an intriguing one to watch.