Shiba Inu See Spike In Net Flows Following Listing On Solana-Focused Exchange, Is This Positive?
Shiba Inu (SHIB) is again gaining bullish momentum, suggesting that a significant rally might be on the horizon for the meme coin. This is thanks to recent developments that have painted a positive outlook for the crypto token.
Shiba Inu Sees Spike In Netflows
Data from the market intelligence platform IntoTheBlock shows that Shiba Inu has seen a notable increase in net flows, which have risen to as high as 379.61 billion SHIB tokens in the last 24 hours. This indicates that a lot of whale activity is currently going on in the Shiba Inu ecosystem.
An increase in whale activity suggests that this category of investors is accumulating the meme coin ahead of a potential price surge. Moreover, these investors are also known to trigger a rally in Shiba Inu’s price with their significant purchases. Meanwhile, the rise in SHIB’s net flows could also mean a massive demand for the meme coin among retail investors.
Crypto trading platforms like Robinhood, which also doubles as Shiba Inu whales, are known to move huge sums of the meme coin into their platforms to meet customers’ demands. Interestingly, this recent surge in net flows follows the recent listing of the meme coin by the Solana-focused crypto exchange Backpack.
Given Solana traders’ general interest in meme coins, it will be no surprise if Backpack has witnessed a huge demand for the Shiba Inu token on its platform, which has led it to accumulate a significant amount of SHIB tokens.
Meanwhile, some other on-chain metrics paint a bullish picture for Shiba Inu. Data from IntoTheBlock shows a 0.32% increase in Net Network Growth, meaning more users are adopting the meme coin. The Concentration metric, which tracks whales’ positions, has also turned bullish, meaning that these investors are adding to their positions.
Could The Market See A SHIB ETF Soon?
Shiba Inu’s lead developer, Shytoshi Kusama, recently discussed the possibility of a SHIB ETF while congratulating the Ethereum team on the approval of the Spot Ethereum ETFs. He questioned if this event could pave the way for a fund that holds the meme coin. Crypto expert Anthony Pompliano seems to believe so, as he claimed before the approval order came in that approval would mean “they are approving the entire industry.”
Interestingly, earlier this year, the Shiba Inu community had petitioned asset manager Grayscale to launch a Shiba Inu ETF. With the Spot Ethereum ETFs in the bag, the community could again pick up such enthusiasm and push Grayscale or any other asset manager to apply to launch this Shiba Inu ETF.
This process isn’t expected to be straightforward, though. Bloomberg analyst James Seyffart had previously suggested that any crypto token that will have its ETF needs to be first listed for futures trading on a regulated platform like the Chicago Mercantile Exchange.