The Shiba Inu (SHIB) cryptocurrency has recorded a significant drop in large holder netflows, indicating potential shifts in positions.
Drop in Shiba Inu Netflows
According to IntoTheBlock data, Shiba Inu has experienced a drop in large holder netflows from 3.5 trillion SHIB on February 7th to negative 792.81 billion SHIB on February 8th. Netflows stagnated in subsequent days. In the last 24 hours, a positive netflow of 303.43 billion SHIB was recorded. Positive netflows can be seen as accumulation while negative netflows might indicate reduced positions or sales.
Overall Crypto Market Trends
Crypto markets fell by 1.82% in the past 24 hours as traders awaited the US consumer price index (CPI) statistics. Shiba Inu was down by 0.19%, trading at $0.00001584. Altcoins, like Shiba Inu, are under sales pressure and exhibit high correlation with the overall market downward trend.
Meme Coins and SHIB Dynamics
Meme coins experienced explosive growth in futures volumes but faded quickly. Shiba Inu volumes fell by 90%, from $2.72 billion to $0.28 billion, confirming Glassnode's analysis of current market challenges for meme coins.
The cryptocurrency market as a whole, and Shiba Inu, in particular, are facing significant changes. The drop in large holder netflows may indicate a shift in investment strategies, while altcoins continue to lag behind Bitcoin's growth rate, emphasizing the ongoing pressure on this sector.
