As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the recent surge of the meme-inspired cryptocurrency, Shiba Inu (SHIB). The confluence of price action and on-chain reality is always an interesting study.
Over the weekend, the trending cryptocurrency, Shiba Inu (SHIB), caused quite a stir. The recent buzz is centered around the SHIB price chart and behind-the-scenes events – specifically within the blockchain reality. As per IntoTheBlock’s analysis, significant holders of the Shiba Inu token have amassed over 1 trillion additional tokens in the last 24 hours.
As an analyst, I’ve noticed that the net inflows stand at a certain figure. However, upon closer inspection of the Large Holders Inflow metric, it appears that these inflows are significantly larger, amounting to a staggering $1.98 trillion. Consequently, the number of SHIB net inflows to wallets holding at least 0.1% of the circulating volume has surged by an impressive 84.4%.
Shiba Inu (SHIB): Price review
Over the past day, the value of the Shiba Inu token increased by 19.2%. Notably, the price surge started around early December, reaching towards a significant resistance point at approximately $0.0000296. Despite an initial unsuccessful attempt to break through this barrier, the persistent buying power eventually enabled SHIB to surpass it, leading to a temporary high of $0.0000317. This resistance level has now transformed into a support point for the token.
If the Shiba Inu token maintains its position above this crucial support level, it suggests strong bullish sentiments in the market. This could potentially lead us to witness the Shiba Inu token challenging resistance levels at higher price points, should the bears decide to retreat.
It’s unclear whether the surge in SHIB price was caused by whales purchasing the meme-inspired coin or if it happened simultaneously. Nevertheless, it’s clear that as the price of Shiba Inu token started to increase, large investors began to buy more aggressively. The upcoming week will reveal if this trend will persist.
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2024-12-01 15:31