Shiba Inu (SHIB) Surges 3,015% in NetFlow Spike, but There’s Catch

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As a researcher with experience in cryptocurrency markets, I find the recent developments surrounding Shiba Inu (SHIB) intriguing. The 3,015% surge in large holder NetFlow is undeniably impressive and indicative of increased interest in this dog-themed token. However, the negative NetFlow raises concerns about whales’ intentions, especially given the ongoing market uncertainty.

The cryptocurrency representing the Shiba Inu dog breed, SHIB, has experienced a significant increase of approximately 3,015% in the number of large transactions by prominent investors or “whales.” This trend offers insight into their recent buying patterns. However, it’s important to note that this considerable rise comes with a caveat.

In simpler terms, a high NetFlow value for Shib token indicates that large investors or “whales” are purchasing more tokens, leading to an increase in the total supply. Conversely, a low NetFlow value may signify that whales are reducing their holdings or selling off their Shib tokens, causing a decrease in the total supply.

Based on information from IntoTheBlock, there’s been a significant decrease of approximately 3,015% in the net flow of Shiba Inu tokens. This reduction suggests that large investors, known as “whales,” might be selling off their holdings due to the current market instability.

As a crypto investor, I’ve noticed an intriguing NetFlow surge in SHIB recently. On the positive side, this surge signifies heightened interest in SHIB, as significant token holders transfer large amounts of SHIB. However, it also leaves me pondering the intentions of these whales. Are they preparing for a sell-off to capitalize on market conditions or are they protecting their investments amidst potential volatility?

This NetFlow surge is worth highlighting given Shiba Inu’s struggle near the Daily Simple Moving Average (SMA) 50 line.

Shiba Inu faces tough battle at key resistance

Lately, Shiba Inu coin supporters eagerly anticipated its price rise but hit a roadblock when it encountered a significant resistance point.

Shiba Inu (SHIB) Surges 3,015% in NetFlow Spike, but There's Catch

On May 15, Shiba Inu experienced a significant jump from a low of $0.00002286 to a high of $0.00002558, resulting in a large green candlestick on the chart. The price continued to climb up to $0.00002589 on May 16. However, Shiba Inu encountered resistance around this level and was unable to sustain its growth.

SHIB’s price has faced significant opposition from a formidable barrier, causing it to struggle in maintaining its uptrend. Technical analysts have observed that SHIB has made repeated attempts to surmount this resistance over the past few days.

As a crypto investor, I’ve noticed that the daily simple moving average (SMA) 50, located at $0.00002487, has proven to be a significant hurdle for SHIB‘s price advancement. The bulls have made repeated efforts to drive the price above this mark, but so far, SHIB has consistently closed below it. This pattern suggests an intense struggle between buyers and sellers attempting to gain control of the market direction.

At the time of writing, SHIB was down 0.40% in the last 24 hours to $0.00002476.

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2024-05-19 15:37