As a seasoned analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. The recent surge in Shiba Inu (SHIB) is certainly catching my attention. With a staggering 285% increase in large holder netflows, driven by significant whale activity, it seems that the ‘Dogecoin killer’ might be making a comeback.
The cryptocurrency based on dogs, Shiba Inu (SHIB), has experienced an impressive jump of 285% in the inflow of substantial investors, primarily due to increased whale transactions
As per data from IntoTheBlock, the number of substantial transactions involving Shiba Inu has increased by 39.13% over the past day, amounting to approximately $35.9 million or 2.65 trillion SHIB when expressed in cryptocurrency
The rise in whale behavior aligns with a significant upsurge in the inflow of funds into large wallets, suggesting a shift in the positions held by these substantial investors
According to data from IntoTheBlock, there has been a 285% weekly rise in the number of large Shiba Inu holders offloading their tokens, which is a positive trend. Large increases in the flow of tokens can be interpreted as accumulation by big players, whereas decreases might suggest they are reducing their positions or selling
Increase in substantial investor inflows could signal the return of “whales” who are speculating that Shiba Inu’s value may significantly increase
Shiba Inu faces 505 trillion SHIB barrier
As a researcher delving into Shiba Inu’s price dynamics, I’ve unearthed some fascinating insights from IntoTheBlock data. It appears that approximately 114,320 wallets have accumulated a massive 505.94 trillion SHIB tokens within the price range of $0.000014 to $0.000019, with an average purchase price of $0.000018. This could potentially present a significant hurdle in the coin’s price action, as these accumulated tokens may not be easily offloaded without affecting the market price
In simpler terms, bulls are putting in significant effort to drive the price of SHIB above a crucial level. If they manage to do so, it might lead to a new surge in SHIB’s price
On September 3, a dip in strength within U.S. stock markets led cryptocurrency markets to slide. This downtrend in the crypto markets persisted on September 4, but at lower prices, some buyers emerged, causing SHIB to rebound. At the time of this writing, SHIB had risen by 0.65% over the past 24 hours, trading at $0.00001328
At present, Shiba Inu is in a tight phase of stability where bulls and bears are competing fiercely. If the price manages to surge past the daily Simple Moving Averages (SMA) 50 and 200 at approximately $0.0000172 and $0.0000209, it could initiate a new upward trend for Shiba Inu’s value. Conversely, support can be found around $0.0000106 and $0.0000124 should there be a downward shift
Over the next few days, we’ll keep a keen eye on blockchain data and overall market trends. If the accumulation pattern continues, this might indicate lasting optimism, and potentially mean that Shiba Inu could achieve higher market worth
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2024-09-05 15:59