Net Flow Spike
Shiba Inu (SHIB) has seen a significant increase in net flows, indicating that large investors (whales) are accumulating the token. This suggests that a price surge may be on the horizon.
Solana Exchange Impact
The recent listing of SHIB on the Solana-focused exchange Backpack has likely contributed to the surge in net flows. Solana traders are known for their interest in meme coins, and Backpack may have experienced high demand for SHIB.
Other Bullish Metrics
- Net Network Growth has increased by 0.32%, indicating more users are adopting SHIB.
- Concentration metric has turned bullish, showing that whales are adding to their positions.
Potential SHIB ETF
Shiba Inu’s lead developer has hinted at the possibility of a SHIB ETF. Crypto experts believe that the approval of Spot Ethereum ETFs could pave the way for a fund that holds SHIB. However, the process is not expected to be straightforward, as SHIB would need to be listed for futures trading on a regulated platform first.
