As a seasoned crypto investor with a knack for identifying trends in the market, I find the recent surge in large holder inflows for Dog-themed cryptocurrency Shiba Inu (SHIB) intriguing. According to IntoTheBlock data, large holders have bought an astounding 1,590% more SHIB in the last 24 hours. This trend is noteworthy as it often signifies two things: significant buying activity and potential price bottoms.
The surge in investments in the dog-themed cryptocurrency Shiba Inu (SHIB) by large holders, represented by whales, has resulted in a remarkable increase of 1,590% in their inflows.
Based on IntoTheBlock’s data analysis, there has been a massive 1,590% rise in Large Holders Inflow, the metric that monitors funds transferred to large SHIB holders or whales. This surge can be attributed to a remarkable influx of funds within the last 24 hours. Specifically, the quantity of SHIB held by these large holders jumped from 728.17 billion on May 15 to an astounding 3.97 trillion on May 16.
A significant increase in inflows to large holders can indicate two possibilities. First, it might mean that there’s a substantial amount of purchasing happening. Often, these large holders make their acquisitions through centralized exchanges before transferring the tokens to their offline wallets for safekeeping.
Two possibilities exist for interpreting market trends based on whale transactions:
As I pen down these words, Shiba Inu (SHIB) has dipped by 2.5% in the past 24 hours and is currently trading at $0.00002472. The previous three days have been marked by a fierce struggle between buyers and sellers over SHIB’s price movement, with the bulls making consistent efforts to push the value above the daily Simple Moving Average (SMA) 50, which stands at $0.00002524.
As an analyst, I observed the efforts of Shiba Inu bulls on May 15 to surmount a significant resistance level, but unfortunately, they were unable to achieve a successful breakthrough and the SHIB price closed at a lower value instead. Nevertheless, the determined bulls are making another attempt as we speak, pushing the SHIB price to reach intraday peaks of $0.00002509.
As a crypto investor, I’m keeping a close eye on the SHIB market. Right now, bulls are putting in significant effort to drive up the price. However, they’re also working diligently to protect the 56.65 trillion SHIB mark, which is where the coin is presently valued.
Based on IntoTheBlock’s data analysis, approximately 54,280 SHIB holders currently possess around 56.65 trillion tokens. The value of these tokens ranges between $0.000023 and $0.000026, with an average price point sitting at $0.000025.
In the current context of Shiba Inu’s price movement, with the range at 56.55 trillion SHIB and a significant resistance level set by the moving average (MA) 50, observers are keeping a close watch on the coin’s next direction. The recent surge in whale transactions, amounting to a staggering 1,590%, might potentially influence the price trend, but it remains uncertain as of now.
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2024-05-17 16:01