Large Shiba Inu (SHIB) investors are heavily buying the ongoing dip as the asset tests critical support levels. On-chain data confirms significant whale activity, with a sharp increase in netflows.
SHIB Retests Key Support at $0.00002
SHIB recently dropped to a low of $0.00002095, retesting the crucial $0.00002 support level. However, the token rebounded quickly, gaining 4.55% intraday and maintaining a price above $0.000022.
Source: CoinMarketCap
Despite this recovery, SHIB remains under pressure from the broader market downturn. The meme coin has dropped 16.59% in December and more than 32% since December 9, slipping to 15th among the largest cryptocurrencies.
Whales Buy Over 799 Billion SHIB
Large investors, defined as wallets holding at least 0.1% of SHIB’s circulating supply, have taken advantage of the dip. Data from IntoTheBlock shows a massive spike in netflows into whale wallets.
IntoTheBlock
Yesterday, whales recorded a net inflow of 799.32 billion SHIB, worth over $17.5 million—a staggering 7,140% increase from the previous day’s net inflow of 11.04 billion tokens.
Related article: Shiba Inu Sees Drop in Trading Volume: What’s Next for SHIB?
Whales collectively purchased 1.21 trillion SHIB tokens worth $26.6 million, while selling 413 billion tokens valued at $9.1 million. This led to a net inflow that marked an 11-day high.
Consistent Accumulation in Q4
Throughout Q4 2024, whale inflows have consistently outpaced outflows, with net inflows exceeding outflows nearly fivefold. On November 12, net inflows peaked at 3.47 trillion tokens as SHIB tested $0.000028. Meanwhile, the largest net outflow, 951.84 billion tokens, occurred on November 6.
Related article: Shibarium Drives SHIB Scarcity: Token Burns and Network Growth
Shiba Inu’s price action suggests a critical retest of its breakout above a symmetrical triangle. After breaking out in November, SHIB now faces a pivotal moment. Bulls need to hold the Fib. 38.2% level at $0.00001942 to prevent a collapse back into the triangle.
Currently trading at $0.00002233, SHIB is up 3.81% this week. Continued whale activity and support defense could strengthen its recovery.
