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.
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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.