On-chain data confirms that major Shiba Inu whales are buying the ongoing decline even as SHIB retests critical support levels.
For comparison, Shiba Inu (SHIB) recently retested crucial support about $0.00002 When It fell to a floor price of $0.00002095 yesterday. However, the meme coin quickly recovered and managed an intraday gain of 4.55% and held above $0.000022.
Although Shiba Inu remains in the $0.000022 range, it is still one of the assets most affected by the ongoing market decline, which fell by 16.59% in December and is now standing still To the 15th place among the largest crypto assets. SHIB has also fallen by more than 32% since December 9th.
Shiba Inu net inflow increases 7,140% despite price drop
Nevertheless, this downward phase has no impact on the confidence of large whales. Data from IntoTheBlock, which defines these whales as wallets that hold at least 0.1% of SHIB’s circulating supply, shows that the level of addresses have has been buying large quantities of SHIB since December 10th.
These whales mostly saw positive net inflows during this period, but the latest data confirms that they recorded a net inflow of 799.32 billion SHIB yesterday worth over $17.5 million. This number represents an 11-day high of positive net inflows into these addresses.
Further data inspection shows that the addresses Strictly speaking yesterday raised 1.21 trillion SHIB worth $26.6 million but sold about 413 billion tokens ($9.1 billion), resulting in… the network Inflow of 799.32 billion SHIB. This represented a massive 7,140% increase from the previous day figure of 11.04 billion tokens.
What is noteworthy is that in the entire fourth quarter of 2024, net inflows to…
