Shiba Inu (SHIB), a cryptocurrency themed around dogs, has experienced a significant surge in tokens moving into wallets held by large investors.
This increase, tracked by IntoTheBlock’s Large Holders Inflow data, jumped by an impressive 1,590% in the last 24 hours. Specifically, the amount of SHIB tokens entering these large wallets soared from 728.17 billion on May 15 to 3.97 trillion on May 16.
Shiba Inu Large Holder Inflows Surge Amidst Price Battle
A spike in Large Holders Inflows for Shiba Inu (SHIB) often signals significant buying activity among whales, who tend to purchase on centralized exchanges before transferring funds to cold storage. This influx can also indicate potential price bottoms, as whales typically buy in bulk following major corrections.
Currently, SHIB is facing resistance as it struggles to surpass the daily SMA 50 at $0.00002524. Despite attempts by bulls to break through this crucial level, SHIB’s price closed lower after a recent push on May 15. Intraday highs reached $0.00002509 as bulls continue their efforts to drive prices higher.
While bullish momentum persists, efforts are also focused on maintaining support around the 56.65 trillion SHIB level, where the cryptocurrency is currently trading.
Shiba Inu Holds Steady Amidst Whale Activity
According to IntoTheBlock, approximately 56.65 trillion SHIB tokens are held across 54,280 addresses, with prices ranging from $0.000023 to $0.000026 and an average price of $0.000025.
Investor attention now focuses on the next move for Shiba Inu’s price within the 56.55 trillion SHIB range, particularly regarding its ability to surpass the significant MA 50 barrier. The recent surge of 1,590% in whale inflows raises questions about potential impacts on SHIB’s price trajectory, prompting anticipation among market observers.
Important: 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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