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Dog-themed cryptocurrency <a href="https://u.today/89-trillion-shib-hit-in-open-interest-whats-next-for-shiba-inu-price" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) has</a> seen a 784% uptick in a key on-chain metric, sparking interest in the crypto market.
According to IntoTheBlock <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a>, 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.
<h2 id="shib-in-green-amid-relief-rally-on-crypto-market">SHIB in green amid relief rally on crypto market</h2>
Crypto-tracked futures saw more than $1.4 billion in liquidations on Monday, as major cryptocurrencies fell more than 20% at one point. <a href="https://u.today/238-trillion-shib-hit-in-24-hours-but-shiba-inu-price-remains-in-red" rel="noopener noreferrer nofollow">Shiba Inu</a> 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. <a href="https://u.today/shiba-inu-shib-witnesses-784-growth-in-key-on-chain-metric-whats-going-on" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

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

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