150% Rise in Shiba Inu Inflows and Outflows: Impact on SHIB’s Price?

shiba inu

Shiba Inu has seen a surge in activity from large holders in its ecosystem. In the last week, both inflows and outflows have risen over 150%, indicating increased buying and faster selling rates. 

Inflow-related transactions have increased by 150%, and outflow-related transactions by 165%. However, the tokens purchased had a larger quantity and weight, resulting in a positive net-flow figure.

The net-flow curve of Shiba Inu’s large holders has been steadily rising, indicating a buy-bias is forming. This is a crucial condition for a trend reversal. Currently, the net flow represents 118.7 billion SHIB tokens.

Read Also: 10 Winners Selected for Shiba Inu Metaverse Twitter Contest

Is Shiba Inu Facing Obstacles Ahead?

With the stars gradually aligning in favor of SHIB, can the token overcome its ongoing downtrend and experience a recovery rally in the near future?

Currently, there is significant resistance at SHIB’s current price level, with close to 250k addresses holding 263 trillion SHIB tokens in the range between $0.00001 and $0.000014. 

If SHIB’s price rises and these holders break even, they may sell, adding bearish pressure to the price and limiting further upward movement.

On a positive note, there are two strong on-chain support levels at $0.000008-$0.00001 and $0.000006-$0.000008, which could limit SHIB’s losses.

Read Also: Is Shiba Inu Price Set to Take Off as Meme Coins Dominate Crypto Market?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :