Shiba Inu (SHIB) Surges 8,530% in Netflows, Here’s Intriguing Twist

Shiba Inu （SHIB） sees a significant surge in large holder netflows, indicating notable on-chain activity amidst recent market events.

Points

• Shiba Inu experiences an 8,530% surge in large holder netflows.
• The increase reflects significant selling activity following the WazirX exploit.
• SHIB’s price action shows a rebound and subsequent decline.

Shiba Inu （SHIB） has witnessed a dramatic 8,530.25% surge in large holder netflows over the past week, according to data from IntoTheBlock. This surge, however, is negative, indicating a substantial amount of SHIB was sold, likely triggered by the recent WazirX exploit.

TradingView

The WazirX security breach resulted in over $230 million in withdrawals, with 5.4 trillion SHIB tokens accounting for a significant portion of the stolen assets. Following the exploit, these tokens were sold off by the attacker, leading to the observed surge in netflows.

Despite this, SHIB’s price saw a brief rebound, rising for three consecutive days before retreating. As of now, SHIB is down 2.2% in the last 24 hours, trading at $0.0000175. The current price action brings SHIB to the edge of a key barrier, with significant buying activity expected if it breaks through the $0.000018 level.

TradingView

According to IntoTheBlock data, around 434.97 trillion SHIB were bought by 37,560 addresses in the range between $0.000017 and $0.000019 at an average price of $0.000018. Breaking through this significant price barrier might lead to increased buying activity and potentially drive SHIB prices higher.

解説

• The significant surge in Shiba Inu’s netflows highlights the impact of the WazirX exploit on SHIB’s on-chain activity.
• Large holder netflows provide insights into the behavior of major market participants, indicating shifts in market sentiment and potential price movements.
• SHIB’s price action following the exploit shows resilience, with a brief rebound suggesting investor interest despite the sell-off.
• Understanding the key price barriers and netflow dynamics can help investors anticipate potential trends and make informed decisions.
• The ability of SHIB to break through significant resistance levels will be crucial for its short-term price trajectory, potentially attracting more buyers and stabilizing its

value.