Shiba Inu (SHIB) Skyrockets 3,220% as Whales Make Intriguing Moves

Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a staggering surge of 3,220% in large holder netflows. This unprecedented spike in netflows demonstrates intriguing moves by whales that are either accumulating or selling.

Large holder netflows, which track the movement of SHIB tokens among wallets holding significant amounts of the cryptocurrency, provide valuable insights into the behavior of whales and institutional investors.

A spike in large holders' inflow demonstrates accumulation by large holders, or whales, while drops in this metric might indicate selling.

The surge in large-holder netflows might reflect a significant increase in institutional interest in Shiba Inu, suggesting growing confidence in the cryptocurrency's long-term viability. The last 24 hours saw 9.94 trillion SHIB in the volume of large transactions, which refers to those greater than $10,000.

At the time of writing, SHIB was trading up 2.27% in the last 24 hours to $0.0000324. Shiba Inu's 24-hour trading volume has surged by nearly 51%, with $2.41 billion worth of trades. With a market cap of $19.05 billion, Shiba Inu sits in 11th place in the crypto market rankings.

Shiba Inu secures second place on Upbit

Shiba Inu saw an extraordinary surge in price and market capitalization in recent weeks. Against this backdrop, Shiba Inu has achieved a significant milestone by becoming the current second most traded asset on Upbit, trailing only behind Bitcoin (BTC) in terms of trading volume.

Upbit Korea is the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, thus, this remarkable feat underscores SHIB's growing popularity and widespread adoption among South Korean traders, who have embraced the dog-themed cryptocurrency as a trading opportunity.

According to Kaiko, Shiba Inu saw the largest volumes at $31 billion last week, surpassing Dogecoin and other large-cap nonmeme altcoins, such as Solana (SOL).