Shiba Inu Breaks Barriers: Whale Accumulation Signals Price Surge

Shiba Inu (SHIB) recently experienced a significant increase in whale activity, with netflows skyrocketing by 285%. The dog-themed cryptocurrency’s large transaction volume jumped by 39.13% in the last 24 hours, totaling $35.9 million, or 2.65 trillion SHIB. This surge in activity by large holders reflects renewed interest and confidence from whales, who are increasing their positions in SHIB.

Whales Betting on Price Surge

The increase in large holder netflows suggests that major investors are accumulating SHIB, anticipating a potential price surge. Large netflow spikes typically indicate accumulation by whales, while drops suggest selling or reducing positions. The current upward trend shows that large holders may be preparing for an upcoming rally, signaling a possible price increase in the near future.

Shiba Inu faces a significant resistance level ahead, as on-chain data indicates that 505.94 trillion SHIB were purchased at prices between $0.000014 and $0.000019. These tokens, acquired by 114,320 addresses, average $0.000018 per token. To trigger a price breakout, bulls will need to overcome this barrier, which could open the door to further gains.

Recent Market Trends and SHIB Price Outlook

Recent weakness in the U.S. equity markets pushed the broader cryptocurrency market down on September 3, affecting Shiba Inu’s price action. However, buyers stepped in at lower levels, leading to a small recovery in SHIB’s price on September 4. As of now, Shiba Inu’s price sits at $0.00001328, up 0.65% in the last 24 hours.

The market shows SHIB consolidating in a narrow range, with bulls and bears battling for control. If bulls can break above key resistance levels at $0.0000172 and $0.0000209 (the 50 and 200-day SMAs), Shiba Inu could enter a new uptrend. However, support levels remain at $0.0000106 and $0.0000124, keeping the cryptocurrency in a critical zone.

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Market watchers are closely monitoring on-chain data for signs of sustained accumulation that may signal further upward momentum.

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.