Shiba Inu Inflows Skyrocket 164% as SHIB Preps for Major Rally

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As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, bubbles, and bear markets. However, the recent surge in large holder inflows for Shiba Inu (SHIB) has caught my attention. This could potentially be a sign of a price bottom, as these addresses tend to buy in large quantities after significant corrections.

As a researcher, I’m observing a significant increase in large-scale investments in the canine-themed cryptocurrency, Shiba Inu (SHIB). This surge represents a 164% influx of funds into wallets held by ‘whales’, as reported by IntoTheBlock.

High influxes into large wallets could suggest that purchasing activity is occurring. This occurs when such wallets acquire assets from centralized exchanges, then move them into offline storage for safekeeping.

Large inflows into prominent wallets often suggest that price bottoms are approaching, as these entities tend to purchase in bulk following substantial drops. The value of Shiba Inu has been on a steady decline since it peaked at $0.0000161 on August 24th. After hitting a low of $0.00001231, the price of Shiba Inu started to climb back up again.

Currently, as I’m typing, Shiba Inu (SHIB) has climbed by 1.5% over the past 24 hours to reach $0.00001317. If it ends the day positively, Shiba Inu will have recorded its third straight day of growth.

Shiba Inu seems poised for a significant jump, but it’s important to note that this journey won’t be smooth sailing. On the positive side, Shiba Inu encounters a hurdle near the daily Simple Moving Average (SMA) 50 at around $0.00001442 before reaching the SMA 200 at approximately $0.000021.

If these hurdles are cleared, SHIB might begin a major move, aiming for the $0.00003 level.

Shiba Inu’s recent milestones

Over the past seven days, the Shiba Inu Developer’s Portal, often referred to as ShibDev, has been unveiled – a crucial contributor in shaping the future of Shibarium. This platform offers developers vital resources for constructing on Shibarium, underscoring Shiba Inu’s commitment to creating a robust and enduring ecosystem over the long term.

Shiba Inu broke into new territories, sparking the gaming sector through the debut of Agent Shiboshi and its introduction on the Apple App Store. This game not only taps into the burgeoning crypto gaming industry but also serves to deepen the connection with Shiba Inu’s dedicated community.

Last week saw the completion of the inaugural ranked event within Shiba Eternity’s Web3 platform, a significant achievement that underlines a key moment in the development of the Shiba Inu community.

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2024-09-09 18:31