Dog-themed altcoin Shiba Inu (SHIB) has seen a staggering increase of 1666% in net flows to the wallets of major investors this week. Furthermore, a new milestone has been reached in the total number of wallet addresses on the altcoin’s network. These positive trends in two important on-chain metrics for Shiba Inu could be indicative of a price surge.
In the metric provided by on-chain data platform IntoTheBlock, which calculates the net flows of Shiba Inu to the wallets of major investors, also known as whales or large wallet addresses, there has been a striking increase of 1666% on a weekly basis.
The positive increase in net flows indicates that inflows are significantly higher than outflows. This can be interpreted as major investors accumulating the cryptocurrency. On the other hand, decreases in inflows could suggest that major investors are reducing their SHIB holdings or selling. The output of the metric indicates a positive increase in SHIB flows, implying that whales are accumulating SHIB. It is known that whales or major investors tend to accumulate more during price dips.
Additionally, another on-chain data for Shiba Inu shows that a new milestone has been reached in the total number of wallet addresses on the network. According to data provided by IntoTheBlock, the number of wallet addresses created so far, containing SHIB, has reached a new peak of 3.64 million.
As it is known, on-chain data for Bitcoin and altcoins are often leading indicators of price increases or decreases. In this regard, the positive trend in two important on-chain metrics for Shiba Inu, namely the net flows to the wallets of major investors and the number of wallet addresses containing SHIB, can be interpreted as a potential price increase in the short term.
Furthermore, Shiba Inu’s Layer-2 solution, Shibarium, has entered a new era with the launch of Shib Name Service (SNS), a milestone in the development of Shibdentity, a decentralized identity platform that enables users to own and manage their digital identities.
Shib Name Service, introduced as part of the Shibdentity ecosystem, brings a unique solution to the network: human-readable wallet addresses. The service converts complex Shibarium wallet addresses into simple names, similar to Ethereum Name Service, eliminating the need for Shibarium users to deal with complicated wallet addresses.