Large investors, often referred to as “whales,” have been actively acquiring 260.48 trillion SHIB tokens at a significant support level for Shiba Inu.
This surge in buying activity among major holders indicates a notable increase in the net flow of Shiba Inu’s large investors. This data gives insight into the shifting positions of whales and investors within the Shiba Inu ecosystem.
Whale Accumulation Signals Amidst Shiba Inu Price Decline
Whales, also known as large holders, tend to gather assets when the market is going down, and it seems like this is happening with SHIB. Specifically, there has been a significant increase in the amount of SHIB held by large holders over the past week.
According to data from IntoTheBlock, SHIB has seen a massive 602% surge in the amount of tokens held by large holders, indicating that these big investors are accumulating more tokens. This aligns with the recent drop in the price of SHIB over the last 48 hours.
SHIB has been falling for two days in a row now, following the broader downward trend in the cryptocurrency market. The entire market, including Bitcoin, experienced a decline towards the end of the week due to a strong inflation report. Some speculate that this might delay any interest rate cuts by the Federal Reserve.
As of the latest update, SHIB has decreased by 6.20% in the past 24 hours, currently trading at $0.00002722. This decline comes after reaching highs of $0.0000327 on March 15th.
Shiba Inu Faces Profit-Taking Amidst Range Trading
In the bigger picture, Shiba Inu has been seeing a decrease in its value after reaching its highest point of $0.000045 on March 5th. It has now entered a phase where its price is moving within a certain range.
For Shiba Inu to remain stable, it needs to stay within the price range of $0.000026 to $0.000033. Within this range, a large amount of SHIB, totaling 61.06 trillion tokens, was bought by 4,210 addresses at an average price of $0.00003.
Below this important zone, Shiba Inu doesn’t have much support. Only 2.57 trillion SHIB tokens were bought within the range of $0.000025 and $0.000026 by 9,100 addresses. Shiba Inu’s quick rise in early March didn’t allow for much support to be established within its current trading range.
The strongest support for Shiba Inu lies between $0.000008 and $0.000014. Within this range, 260.48 trillion SHIB tokens were bought by 439,510 addresses at an average price of $0.000010.
While everyone is watching to see where Shiba Inu’s price goes next, it’s most likely that it will continue to trade within a certain range before making any big moves.
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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