As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have witnessed countless trends come and go. However, the recent surge in Shiba Inu (SHIB) has piqued my interest. According to IntoTheBlock data, SHIB’s net flows have skyrocketed by 2,649% in the past week, indicating significant accumulation from large holders or “whales.”
The cryptocurrency based on the Shiba Inu dog theme, Shiba Inu, has experienced a remarkable surge, registering a gain of approximately 2,649% according to a significant on-chain indicator. This metric reflects the net transfers made by large investors, referred to as “whales,” in this digital asset.
Based on data from IntoTheBlock, there has been a significant increase of approximately 2,649% in net inflows towards Shiba Inu over the past week.
The data from Large Holders Netflow offers insight into the shifting positions of major cryptocurrency investors. Sudden increases in this data may indicate that these significant players are amassing more assets.
Over the past week, there has been a notable increase of approximately 3,835% in the number of large investors holding Shiba Inu tokens. Conversely, there was an even greater outflow of 5,019% during the same period.
SHIB price rebounds
I’ve been closely monitoring Shiba Inu’s on-chain data recently, and I must say, the numbers have been impressive. And it seems that the price action has started to reflect this trend. After a string of declines, SHIB‘s price experienced a significant surge during Friday’s trading session, peaking at $0.00001819.
The surge in value for Shiba Inu occurs concurrently with the overall growth of the cryptocurrency market, marked by Bitcoin reaching an all-time high of over $67,000 once again after nearly a month.
The significant increase of approximately 6% for Bitcoin on Friday benefited smaller cryptocurrencies like Shiba Inu and Solana, with both experiencing gains of around 5%.
As the situation develops, analysts keep a keen eye on crucial technical markers and tendencies to determine if SHIB‘s upward trend will persist or give way to a pause. Several aspects are worth considering: the prevailing market mood, broader cryptocurrency movements, and any impending news regarding Shiba Inu.
If the cryptocurrency’s price continues to rise, it’s positive that it has surpassed both its daily moving averages of $0.00001916 and $0.00001974. However, if the price declines, there is anticipated support around $0.0000158 and $0.0000168.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Lucky Animal Crossing: New Horizons Player Discovers Infinite Clam Glitch
- How to Farm Skill Point (SP) in Fire Emblem Heroes
- SOL PREDICTION. SOL cryptocurrency
- I Physically Need WWE 2K25’s Showcase to Feature The Bloodline
- Rumor: One of the Weirdest Games of 2014 Could Be Making a Comeback
2024-07-20 16:15