Shiba Inu, a cryptocurrency with a canine theme, has experienced a remarkable surge in Large Holders Inflow, indicating a significant increase in funds entering whale addresses. This surge, amounting to a staggering 1,104%, is indicative of robust buying activity within the market.
The surge in large holders’ inflow coincides with an impressive eight-day run in Shiba Inu’s price, propelling it to nearly two-year highs. In today’s trading session, Shiba Inu reached a peak of $0.0000235, a level not witnessed since April 2022.
Santiment Highlights Shiba Inu’s Rally
Santiment, an on-chain analytics firm, has spotlighted Shiba Inu’s rally, identifying it as the latest meme coin to experience a surge in value. Futhermore, this surge follows in the footsteps of other meme coins such as Dogecoin, Bonk, Floki, and Pepe, marking a notable trend as the week draws to a close.
Related article: Shiba Inu Ecosystem Bolstered by Tangem Collaboration, Offering Enhanced Security for SHIB Tokens
February proved to be a triumph for Shiba Inu, particularly with its groundbreaking partnership with cryptography firm Zama. Moreover, this partnership aims to develop a new privacy-focused network atop the Shibarium blockchain, adding further utility and innovation to the Shiba Inu ecosystem.
Bullish Momentum Propels Price
Bulls have firmly consolidated their position as Shiba Inu prices began their ascent on February 24th, starting from lows of $0.00000934. Similarly, the bullish momentum continued into March 1st and 2nd, marking the eighth consecutive day of price gains.
Related article: Shiba Inu Community Buzzes as Shytoshi Kusama Hints at Appearance in New Venue
Shiba Inu witnessed its most significant weekly increase, soaring by 130%, marking its most impressive performance since October 2021 when it reached all-time highs of $0.000088.
As of the latest update, SHIB has surged by 68.18% in the past 24 hours, reaching $0.000022. Looking ahead, Shiba Inu faces its next challenge within the range of $0.000025 and $0.000031, where a substantial volume of SHIB was acquired by 92,510 addresses, totaling 24.51 trillion SHIB.
Accumulation Zone Identified
The current rally has positioned SHIB within a prominent accumulation zone. According to IntoTheBlock, 437.52 trillion SHIB were acquired by 170,400 addresses within the range of $0.000016 and $0.000027, with an average purchase price of $0.000021. In addition, this range could serve as crucial support in the event of price corrections.
As attention remains focused on Shiba Inu’s trajectory, Santiment emphasizes the significance of monitoring social dominance spikes. These spikes continue to be crucial in timing market tops and understanding overall market sentiment.
