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Dog-themed cryptocurrency Shiba Inu is seeing a spike in netflows, remarkably from whales, or large holders.
According to IntoTheBlock data, Shiba Inu is reporting a 1,028% spike in Large Holders Netflow, which provides an idea of the change in positions of whales and investors with over 0.1% of the supply.
Large-holder netflows surged in 24 hours from 5.12 billion SHIB on Dec. 31 to reach 4.26 trillion SHIB on Jan. 1. This is positive, as spikes in netflow can be seen as accumulation from large players or whales.
Shiba Inu kicked off 2024 on a positive footing, journeying from lows of $0.0000107 on Jan. 1 to reach intraday highs of $0.00001092 at press time. In line with the crypto market's rise on Jan. 2, SHIB had risen 5% before relinquishing some of its gains.
Tomiwabold OlajideAt the time of writing, SHIB was up 3% in the last 24 hours to $0.00001077, according to CoinMarketCap. SHIB's 24-hour trading volume has risen 63% in the last 24 hours in line with the price increase, with over $140.6 million worth traded.
Shiba Inu's layer-2, Shibarium, saw amazing growth in the past year (2023). Shibarium is kicking off 2024 on a strong note, surpassing 236 million in total transactions. According to Shibariumscan, Shibarium's total transactions have reached 236,444,608.
The year 2023 also saw remarkable progress in SHIB burns. According to SHIB burn, a whopping 76,403,022,296 SHIB tokens were burned in 2023. This amounted to $688,907 in monetary terms.
For the SHIB price, $0.00001127 and $0.00001194 are major levels for bulls to contend with to kickstart a fresh uptrend. In this scenario, SHIB might target the $0.000014 level.
On the other hand, the daily MA 50 at $0.00000954 acts as a sturdy support for SHIB, cushioning further declines.
Dan Burgin
