Shiba Inu netflows skyrocket 1,245%
Shiba Inu (SHIB), the second largest dog-themed cryptocurrency by market capitalization, is witnessing an explosive increase in its significant investors' net movements, aligning with the sell-off pressures that are engulfing the larger crypto universe.
Data from IntoTheBlock uncovers that the net flows of Shiba Inu’s major investors have escalated by an astonishing 1,245%, marking a significant downturn.
The Netflow of Large Holders gives insights into the shifting tides of crypto whales' holdings, with upticks in netflow signaling accumulation by these heavy hitters, whereas declines suggest a reduction in positions, or in simpler terms, a sell-off.
For Shiba Inu, this drastic 1,245% decrease in netflows may indicate a wave of selling activities.
The realm of cryptocurrencies is currently navigating through turbulent waters, and Shiba Inu (SHIB) is riding the wave alongside. Bitcoin plummeted to a low of $66,431 in the recent trading session, following a high of $70,000, spurred by the U.S. Government's mobilization of $2 billion worth of “Silk Road” tokens.
This selloff in Bitcoin created ripples across the crypto space, dragging numerous tokens down with it. At the moment, Shiba Inu has slipped by 2.69% over the past day to a value of $0.00001678. CoinGlass data indicates that the past 24 hours have seen liquidations amounting to $168.67 million sweeping across the crypto market.
Shiba Inu's layer-2 solution, Shibarium, is set to revolutionize with the introduction of AI-driven governance, courtesy of a new partnership with Bad Idea AI.
Through its union with Bad Idea AI, Shibarium stands to gain AI-induced governance, tackling DeFi’s pressing issues like security inefficiencies and enhancing user interaction, thereby delivering significant advantages to the Shiba Inu ecosystem.
Employing AI for governance, Bad Idea AI will scrutinize data, assess risks, and formulate strategies. Its multi-signature veto system ensures that pivotal choices need the green light from multiple human validators, paving the way for a secure and well-rounded decision-making framework.
