Shiba Inu (SHIB) Witnesses 784% Growth in Key On-Chain Metric: What's Going On?

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 784% uptick in a key on-chain metric, sparking interest in the crypto market.

According to IntoTheBlock data, Shiba Inu is seeing a 784.8% spike in large holder net flows, a metric that tracks the movement of tokens among wallets holding significant amounts — typically whales and institutional investors.

A rise of 784% in net flows suggests that these large players are either accumulating SHIB or repositioning in a big way. An increase is also observed in large holder inflows, which track funds entering into whale addresses, which is up 315.4%.

Shiba Inu has returned to the green, following a sharp sell-off that rocked the market just a day earlier. At press time, SHIB was up 2.02% in the last 24 hours to $0.00001121, reaching an intraday high of $0.00001173.

After enduring a significant decline alongside the broader crypto market, SHIB has managed to claw its way back into positive territory, showing resilience just when sentiment seemed to be cracking.

SHIB in green amid relief rally on crypto market

Crypto-tracked futures saw more than $1.4 billion in liquidations on Monday, as major cryptocurrencies fell more than 20% at one point. Shiba Inu fell as low as $0.00001028, having continuously declined since reaching highs of $0.00001567 on March 26.

The cascade of liquidations paved the way for a rebound as traders reduced short holdings and reversed overextended selling. Bitcoin (BTC) clawed its way back to nearly $80,000, launching a relief rally after falling below $75,000 late Monday, causing a rebound in key tokens. The Shiba Inu price jumped as much as 6%, offsetting some of the previous day’s losses.

Despite the recent relief bounce, the entire crypto market cap remains at levels last seen in early November of last year, before a rise that catapulted the total value through a threshold previously thought to be a barrier to future advances.