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Dog-themed cryptocurrency Shiba Inu has seen a 643% surge in large holder netflows, a metric that gives an idea of the change in position of large holders or whales.
According to IntoTheBlock data, Shiba Inu is up 643% in large holders' netflows, suggesting whales' bullish shift. Usually, a spike in large holder netflows suggests accumulation from whales, which remains positive.
This is significant as Shiba Inu faces the next crucial test in its market momentum. Shiba Inu is currently testing resistance at the 200 day SMA currently at $0.00001371, a level that it needs to surmount to advance its bullish momentum to $0.000016 and then $0.00002.
Shiba Inu price turned down near the 200 day SMA on July 28, marking seven straight days of drop to hit a low of $0.0000116. As Shiba Inu retests the 200 day SMA barrier, enormous buying pressure is required to hold above it.
Shiba Inu has steadily rebounded since Aug. 2, when it hit a low of $0.0000116. The rally accelerated on Aug. 6 with Shiba Inu gaining a foothold above the 50 day SMA at $0.00001277 to reach an intraday high of $0.000014 early Saturday.
SHIB team makes ultra-bullish prediction
Shiba Inu team member Lucie recently made an ultra-bullish prediction as the market anticipates altseason, a period where alternative cryptocurrencies known as altcoins outperform with large price jumps.
The CoinMarketCap Altcoin Season Index, which provides insights into whether the cryptocurrency market is currently in the altcoin season based on the performance of the top 100 altcoins relative to Bitcoin over the past 90 days, is currently at 40, signaling Bitcoin season is still ongoing.
Lucie noted this in a recent tweet, adding that "to officially enter altseason, the index must cross 75, with BTC dominance dropping." Bitcoin dominance is currently at 59.3% as Ethereum gains traction. For the first time since December 2021, Ethereum crossed $4,200, reaching $4,247 early Saturday.
Lucie believes that an accumulation phase is most likely underway in the market, hinting at a classic August pattern. While it is not yet altcoin season, the setup is forming with eyes on September for the real breakout.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team