As a seasoned analyst with a knack for deciphering market trends and a soft spot for quirky cryptocurrencies, I find myself intrigued by this sudden surge in Shiba Inu (SHIB) whale net flows. The 1,445% spike is nothing short of astounding, especially when considering the holiday season and the general market volatility.
The digital currency based on the Shiba Inu dog breed, SHIB, has seen a significant increase in the number of large investors, soaring by an astounding 1,445% in recent times.
On December 22nd, the amount of whale-held SHIB was approximately 11.04 billion. However, this number significantly increased to around 799.32 billion SHIB by December 23rd, as per data from IntoTheBlock.
An improvement in net inflows typically indicates that major investors are amassing more Shiba Inu, whereas a decrease in net flows is usually seen as these investors selling off their holdings. The substantial surge in large holder net inflows has sparked curiosity about what might happen next for Shiba Inu within the market.
For Shiba Inu (SHIB), a massive surge of 1,445% appears to align with heightened activity from major investors, often referred to as whales. Over the past day, the number of large transactions for SHIB has exploded by an impressive 265.28%, resulting in a substantial $84.28 million in trading volume.
In the past 24 hours, the price of Shiba Inu has experienced a slight increase, climbing by approximately 2.51%. Currently, it is trading at around $0.0000222.
Will SHIB price follow?
Shiba Inu has been rather quiet in recent trading sessions, with minor price movements.
After a significant surge from its December 20th low of $0.00001850, Shiba Inu has been oscillating within the vicinity of its 50-day and 200-day moving averages, which stand at $0.0000256 and $0.0000187 respectively.
On December 21st, Shiba Inu’s advance halted at a peak of approximately 0.000024 USD. The bullish investors aim to surpass this point before encountering the next significant barrier at around 0.0000256 USD, which is where the daily Simple Moving Average 50 lies.
If SHIB manages to break through its current level, it might attempt to touch the $0.00003 mark, and potentially even reach the $0.000033 resistance point. However, if things don’t go as planned, a support is likely to form at around $0.0000185, which is close to its 200-day Simple Moving Average.
Moving on, it’s uncertain if an increase in whale transactions will lead to a price change, however, in the near future, the direction of Shiba Inu’s price might be influenced more by the overall cryptocurrency market trends and investor opinions.
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2024-12-24 17:27