Shiba Inu (SHIB) Skyrockets 7,429% in Whale Netflows, Bullish?

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As a seasoned researcher with a knack for deciphering cryptocurrency trends, I must admit that the 7,429% surge in Shiba Inu (SHIB) whale netflows has piqued my interest. With over a decade of experience in the financial markets under my belt, I’ve learned to read between the lines and interpret such data points as potential bullish signals.

The Shiba Inu cryptocurrency, themed around dogs, is experiencing a significant increase, with whale transactions soaring by an impressive 7,429%.

Based on data from IntoTheBlock, there’s been a significant surge of approximately 7429% in the number of large Shiba Inu holders adding to their positions. This trend suggests that the behaviors of major investors, or “whales,” may be shifting.

A considerable increase in positive net flow among big investors (whales) towards an asset suggests they are buying more of it, which can be a sign of optimism or bullishness. Notably, the 7429% rise in significant Shiba Inu large holder net flows is a notable occurrence for this cryptocurrency, possibly indicating considerable accumulation by these big investors.

A significant surge of 7,429% in whale transactions could be a hopeful sign, but it doesn’t necessarily mean an instant rise in prices. Other elements, like overall market trends and favorable market feelings, may also influence the situation.

On Wednesday, Shiba Inu coin reached peak levels of around 0.0000199 USD, fueled by optimistic feelings towards cryptocurrencies overall. This upward trend is also observed in tokens related to dogs as the broader market experiences growth. The surge coincides with Bitcoin hitting a new record high of over $75,000.

What’s next for SHIB price?

Yesterday and the day before that, I saw my SHIB tokens reaching new highs at $0.0000199 on November 6th. However, just within the past 24 hours, there’s been a slight dip as Shiba Inu has fallen by 1.79%, leaving me with tokens now worth $0.00001872 each.

For the bulls, breaking and closing above the $0.000020 mark is significant because it would finalize an inverted Head and Shoulders pattern. This pattern often suggests a potential uptrend, possibly leading towards $0.000026 and further to $0.000029.

If the price of SHIB drops significantly and dips below its current support level at $0.000016, it’s possible that this positive perspective could be challenged temporarily. In such a scenario, Shiba Inu might remain within the price range of $0.000013 to $0.000020 for an extended period.

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2024-11-07 20:09