Dog-themed cryptocurrency Shiba Inu has experienced a dramatic increase of 2,649% in net flows from large holders, known as whales, according to IntoTheBlock data. This surge in net flows reflects a significant uptick in large holders’ activity over the past week.
The Large Holders Netflow metric tracks changes in whale positions, with spikes often indicating accumulation by these major players. For Shiba Inu, large holder inflows have surged by 3,835% in the last seven days, while outflows have risen by 5,019% during the same period. This substantial increase highlights the growing interest and activity of whales in Shiba Inu.
Shiba Inu Price Rebounds Amid Surge in On-Chain Metrics
Shiba Inu’s on-chain metrics have surged dramatically, with the token’s price also showing notable movements. After a period of decline, SHIB’s price sharply rebounded during Friday’s trading, reaching a high of $0.00001819. By press time, SHIB had sustained its rebound, trading at $0.00001764, up 2.23% in the last 24 hours.
This rise in Shiba Inu’s price aligns with the broader crypto market upturn. Bitcoin, having surpassed $67,000 for the first time in over a month, contributed to this positive trend. Bitcoin’s 6% surge on Friday bolstered the performance of smaller tokens like Shiba Inu and Solana, which both saw nearly 5% increases.
Analysts Watch Key Levels for Shiba Inu’s Next Move
As Shiba Inu’s price action unfolds, analysts are closely observing crucial technical levels and trends to determine if SHIB will maintain its upward momentum or enter a consolidation phase. Important factors to monitor include overall market sentiment, broader cryptocurrency trends, and any upcoming news related to Shiba Inu.
On the bullish side, a sustained breakout above the daily moving averages at $0.00001916 (50-day) and $0.00001974 (200-day) could signal a strong bullish trend. Conversely, if the price declines, key support levels are expected to be between $0.0000158 and $0.0000168.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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