- Shiba Inu (SHIB) is currently experiencing a noteworthy change in the net flows of its major holders.
- This shift in net flows has raised concerns due to the recent substantial sell-off events tied to a security breach.
- Notably, 5.4 trillion SHIB tokens were sold following the WazirX exploit, causing significant market reactions.
Shiba Inu community navigates turbulent times with major shifts in large holder net flows amidst recent market disturbances.
Surge in Shiba Inu’s Large Holder Net Flows
In recent developments, data from IntoTheBlock has highlighted a dramatic increase in large holder net flows for Shiba Inu (SHIB). This metric, which measures the position changes of cryptocurrency whales, surged by 8,530.25% over the last week. Despite this increase being negative, it underscores a substantial shift among major holders of SHIB.
Context Behind the Net Flow Changes
The negative net flow surge is closely linked to a significant sell-off event that occurred following a security breach on the Indian crypto exchange WazirX. The breach compromised one of its multisig wallets, leading to the loss of user assets totaling over $230 million in withdrawals. As a consequence, over 5.4 trillion SHIB tokens, valued at approximately $100 million, were sold off by the exploiter, massively impacting the net flows.
Shiba Inu’s Price Movement and Market Reactions
In the immediate aftermath of the WazirX incident, Shiba Inu’s price demonstrated resilience by rising for three consecutive days. However, it eventually pulled back, aligning with broader market trends. At the time of reporting, SHIB’s price has dipped by 2.2% over the last 24 hours, settling at $0.0000175.
Key Price Barrier for SHIB
Shiba Inu’s current price action places it at a critical threshold. Data indicates that around SHIB’s trading range of $0.000017 to $0.000019, approximately 434.97 trillion SHIB were acquired by 37,560 addresses at an average price of $0.000018. Breaking through this key price barrier could stimulate heightened buying activity, potentially driving the price higher. Investors and market watchers are keenly observing SHIB’s next moves.
Conclusion
The recent shifts in Shiba Inu’s large holder net flows and the aftermath of the WazirX breach underscore the volatility and interconnectedness of the cryptocurrency market. As SHIB navigates these turbulent waters, the community remains attentive to the evolving price dynamics and market reactions. The breaking of significant price barriers could pave the way for new trends, making the coming days crucial for SHIB investors.
