thecryptobasic.com
Large Shiba Inu holders appear to have resumed accumulation, adding a substantial amount of SHIB over the last three days despite the price slump.
The broader crypto market has not fared well in recent times, and Shiba Inu has been one of the victims of this downturn despite relative resilience. The meme coin has slumped 7.27% over the past week, with a 3.73% drop in the last 24 hours.
This bearish pressure has been consistent since March 27, as SHIB has witnessed four consecutive intraday losses for the second time this month. With a 3% drop this morning, the asset is on track to secure a fifth consecutive intraday loss for the first time since January.
Large Shiba Inu Holders Amass 631B+ in 3 Days
However, it appears large Shiba Inu holders are unbothered by the latest losses. Notably, these investors witnessed massive net outflows on March 26 and 27 as the latest bearish pressure began. However, since then the tables have turned, with large holders persistently adding to their bags.
Since March 28, large Shiba Inu holders have witnessed positive netflows, suggesting that inflows have outpaced outflows within this period. Particularly, IntoTheBlock data shows that these addresses, holding at least 0.1% of SHIB’s circulating supply, amassed 165.51 billion tokens on Friday, March 28.
This accumulation trend spilled into the next day, with these addresses copping an extra 148.6 billion SHIB on March 29. Further, they stepped up their game on March 30, accumulating 317.63 billion SHIB. Cumulatively, these large Shiba Inu holders have amassed 631.74 billion SHIB tokens worth over $7.58 million in the past three days.
Positive Netflows Resume
In an interesting twist, outflows from these addresses have continued to drop even as inflows spike. As a result, netflows have been positive within these past three days.
Specifically, from March 28 to 30, large Shiba Inu holders have seen 276.28 billion worth $3.3 million in positive netflows. Notably, the bulk of these net inflows, amounting to 206.93 billion SHIB, occurred yesterday, March 30, despite Shiba Inu’s price crash.
Further data from IntoTheBlock confirms this accumulation trend but indicates that smaller investors are also adding to their balance. In particular, investors holding between 10 million and 100 billion SHIB, and those holding 10 trillion to 100 trillion tokens had a balance of 266.36 trillion SHIB on March 28. This balance is now 266.6 trillion tokens, marking an increase of 240 billion SHIB within this period.
This trend will likely prevent steeper declines for SHIB especially if buying pressure supersedes selling pressure in the near term. Meanwhile, Shiba Inu currently changes hands at $0.00001201 at press time, down by a massive 43% year-to-date, but up 16% since November 2024.