Shiba Inu, the canine-themed cryptocurrency, is experiencing a significant surge in a key metric, indicating the movement of large investors.
According to data from IntoTheBlock, the amount of money held by large Shiba Inu holders, or “whales,” has increased by 2,595%.
Large holders brought in substantial money over two days, going from 275.2 billion SHIB on Feb. 7 to 2.31 trillion SHIB on Feb. 9.
Potential Price Momentum for Shiba Inu?
Large buyers’ inflows went from 1.4 trillion SHIB to 2.31 trillion SHIB between Feb. 8 and 9. This was a significant change. This increase in whale activity could mean that there is a lot of push to buy. It is common for many of these prominent addresses to buy things on centralized exchanges before moving their assets to safe, cold storage.
On the other hand, price rebounds are often preceded by spikes in large-holder inflows. This is because these addresses tend to collect assets after significant market corrections.
The price of Shiba Inu has been going down since Dec. 17, when it hit a high point of $0.00001194. On Jan. 24, it found support around $0.00000843, close to its 200-day moving average.
The price of SHIB has gone up a little, but it is still stuck between its 50-day and 200-day moving averages, which are $0.0000086 and $0.00000962, respectively.
Bullish investors are working hard to break through these price barriers. Recent tries reached an intraday high of $0.0000095 at the time of this report after three days of steady price growth.
SHIB has decreased by only 0.05% in the last 24 hours, selling at $0.00000938. Even though there has been a noticeable rise in whale inflows, it’s essential to keep an eye on the outflow from these large addresses since they may also take money out soon after getting it. Large holders’ withdrawals have risen by 309% in the same time.
