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The popular meme-inspired cryptocurrency Shiba Inu (SHIB) continued to make waves over the weekend. This time, the reason is what is happening on the SHIB price chart and what is happening behind the scenes — in on-chain reality. According to IntoTheBlock, major holders of the Shiba Inu token have increased their holdings by more than 1 trillion over the past 24 hours.
Denys Serhiichuk
And that's the number of net inflows, but if we look at the Large Holders Inflow metric, it turns out that the inflows are even larger, amounting to $1.98 trillion. As a result, the number of SHIB net inflows to wallets holding at least 0.1% of the circulating volume increased by 84.4%.
Shiba Inu (SHIB): Price review
Meanwhile, over the last 24 hours, the price of the Shiba Inu token showed growth of 19.2%. In particular, the price pump occurred with the beginning of December, with a quick raid to the strong resistance level at $0.0000296. Although it was not broken at the first attempt, the power of the buyers finally helped SHIB cross it and find a local top at $0.0000317, turning this resistance into support.
If the Shiba Inu token stays above this important price line, the market will get a confirmation of the bullish buying interest here, which will eventually open up the possibility for SHIB to test the bears somewhere higher.
Tomiwabold OlajideWhat came first, the SHIB price growth or the whales buying the meme-inspired coin, is an open question. However, the fact remains that as the price of the Shiba Inu token began to rise, large investors accelerated their buying. The coming week will show if this convergence will continue.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov