Shiba Inu Surges: Whales Propel SHIB with 1,590% Inflow Increase

SHIB Marketing Lead Challenges Critics

Shiba Inu (SHIB), a dog-themed cryptocurrency, experiences an astounding 1,590% surge in large holder inflows, attributed to substantial activity from whales—individuals or entities holding significant amounts of SHIB.

According to data from IntoTheBlock, Large Holders Inflow, which monitors funds going into addresses belonging to whales or large holders, spikes by 1,590% within the last 24 hours. Large holder inflows escalate from 728.17 billion SHIB on May 15 to 3.97 trillion SHIB on May 16.

Related article: Shiba Inu Profit Propels Trader to Invest in a Different Coin

Implications Of Large Holder Inflows

Sudden spikes in large holder inflows typically suggest two things. Firstly, they indicate significant buying activity, often observed as whale addresses buy on centralized exchanges and then transfer their purchases into cold storage. 

Related article: Shiba Inu Investment Yields $3.2 Million for Savvy Whale: Here’s How

Secondly, such spikes can signal potential price bottoms, as whale addresses tend to buy in bulk after significant corrections. Shiba Inu’s price faces a crucial resistance level. Despite bulls’ persistent efforts to surpass the daily SMA 50 at $0.00002524, SHIB experiences a 2.5% decline in the last 24 hours, settling at $0.00002472.

Frantic Moves To Save The SHIB Price

As bulls work to boost SHIB’s price, they also frantically protect the 56.65 trillion SHIB level where it currently trades. IntoTheBlock data shows that 56.65 trillion SHIB sits in 54,280 addresses, priced between $0.000023 to $0.000026, averaging $0.000025.

All eyes are on Shiba Inu’s next price direction, particularly regarding the 56.55 trillion SHIB range and the challenge of breaking above the tough MA 50 barrier. Whether the remarkable 1,590% surge in whale inflows will affect the SHIB price remains to be seen, as the market closely watches for developments.

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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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