Dogecoin Shiba Inu sees major inflows surge 570%, price drops 12%

Dog-themed cryptocurrency Shiba Inu has seen a 570% surge in large-user inflows, U.Today reports, which tracks funds entering large-user addresses. Shiba Inu’s large household inflows jumped from 40.481 billion SHIB on April 11 to 2.66 trillion SHIB on April 12. The surge in large inflows coincides with a surge in key indicators of whale activity. Shiba Inu’s large transaction volume increased by 276.25% in the past 24 hours, with 8.63 trillion SHIB transferred in large transactions, equivalent to $212.56 million. A surge in large trading volume indicates very high activity from institutional players or whales. There may be several scenarios that explain the surge in inflows from large households. One possibility is increased buying activity from whales or large traders, who may be purchasing SHIB tokens on exchanges and then moving them to cold storage. Alternatively, a surge in inflows typically precedes a price bottom, indicating that whales are taking advantage of the current market correction to purchase SHIB at a discount. This may indicate that they expect prices to rebound and are strategically planning for future gains. Meanwhile, the market is experiencing crypto carnage, with massive losses happening everywhere. The price of Shiba Inu also fell by 12%.