Shiba Inu Inflows Soar 555% In 3 Months – Will The Momentum Continue?

Christian Encila

Last Updated: October 25, 2024 5:30 pm

3 mins read

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Known meme coin Shiba Inu (SHIB) is hogging the headlines; massive accumulators are increasing efforts due to a volatile market. The latest data shows inflow from large holders has increased by 555% within the last 90 days, which means major stakeholders are taking positions to capitalize on an expected increase in value. This is especially significant due to the total bearish sentiment that many are experiencing across the crypto market.

Shiba Inu: Growing Market Trend

While the market sentiment seems still negative, the current trend of Shiba Inu shows a developing resilience. According to Santiment, while the broader crypto market was marked by fear and uncertainty, the negative sentiment in SHIB has gone down dramatically by 718% within just one day.

This sharp decline in percentage indicates growing investor pessimism, especially considering the fact that the price of SHIB had dropped from its weekly high at $0.00001929 below $0.000017. But this silver lining, as it is, shows that the 7-day sentiment for SHIB has spiked upward by over 2,800% and might be an antidote for the asset to get a bounce-back.

🐻 Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD:

1⃣… pic.twitter.com/OvnvlWdSus

— Santiment (@santimentfeed) October 23, 2024

What is even more interesting is that it may be an opportunity for brilliant traders to play along. If the sentiment went bearish, then, generally speaking, price moved in the opposite direction. In the case of weighted sentiment being positive at 339% for 30 days for SHIB, hope is still not completely lost and maybe, it will be rallying within the coming days.

Whale Activities Up

The significant increase in large-holder inflows is particularly telling. Over the last three months, these inflows surged by 554.88%, indicating that major investors see value in accumulating SHIB at current prices. In fact, there was also a 163% increase in inflows over the past month, and even a modest uptick of 1.29% in the last week.

SHIB market cap currently at $10.3 billion. Chart: TradingView.com

Larger Holders End August With Neutral Positions

Despite these positive indicators from large holders, trading volume has seen a slight decline of 5.23% in one day. This drop indicates that many investors are still hesitant to make significant moves in this volatile environment. They may be waiting for clearer signals before committing to trades.

SHIB price seen climbing in the coming weeks. Source: CoinCheckup

Further out, SHIB appears to be on an uptrend at a much slower pace, with a projected 90% rise for the next six months, possibly due to growing interest in the long-term potential, data from CoinCheckup shows. Even more encouraging, analysts also project a strong rise of 76% over the next year, clearly outlining positive growth expectations commensurate with the incrementing adoption of SHIB and its use cases.

Featured image created with Dall.E, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.