Shiba Inu Experiences a Remarkable Surge of 1058% in Whale Activity

Shiba Inu Experiences a Remarkable Surge of %1058 in Whale Activity

Shiba Inu (SHIB), the dog-themed cryptocurrency, has witnessed a remarkable surge in whale activity, as indicated by a staggering 1,058% increase in large holder netflow. This surge points to a significant shift in the behavior of whales within the market, suggesting a broader trend of accumulation by these influential players.

Understanding Large Holder Netflow

Large holder netflow, a critical metric provided by IntoTheBlock, offers insights into the movements of whales by measuring the volume of inflows minus outflows for these addresses. A spike in this metric suggests accumulation, while a decrease may indicate selling or reduced positions. In the case of SHIB, the substantial 1,058% rise suggests robust buying activity among whales, signifying their accumulation of SHIB.

Several factors could be contributing to this epic move by SHIB whales. The recent price dip in SHIB may have presented a buying opportunity for whales, enabling them to acquire significant amounts of SHIB at a discounted price. This strategy is common among large holders seeking to capitalize on market corrections to bolster their positions.

Related article: Market Dynamics: Significant Movement of Shiba Inu Tokens Detected

Current Price Analysis

As SHIB aims for a fresh move following days of selling, the next price range for bulls to target lies between $0.000028 and $0.000030. Within this range, 59,080 addresses bought 21.13 trillion SHIB at an average price of $0.000029. Conversely, if declines persist and SHIB loses its current trading range, the next support range to consider is between $0.000019 and $0.000024. Within this range, 70,370 addresses bought 42.84 trillion SHIB at an average price of $0.000022.

At the time of reporting, SHIB experienced a slight increase of 1.63% over the last 24 hours, with a price of $0.00002757. Despite this, the price of SHIB remains down by 13.98% weekly as investors secure profits.

Emerging Trend of New Traders

On-chain analytics firm IntoTheBlock has identified an intriguing trend indicating a massive influx of new traders buying meme coins. This is evidenced by the record-high number of addresses holding meme coins for under 30 days, observed in the past month.

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.

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