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Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a 164% surge in large holder inflows, an indicator that tracks the funds going into addresses belonging to whales, according to IntoThBllock.
Large Holder Inflows may indicate that buying is taking place. This is the case because many of these addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage.
Spikes in Large Holders Inflows can indicate price bottoms because these addresses prefer to buy in large quantities after significant corrections. Shiba Inu has declined steadily since reaching highs of $0.0000161 on Aug. 24. After reaching a low of $0.00001231, the Shiba Inu price began to rebound.
At the time of writing, SHIB was up 1.5% in the last 24 hours to $0.00001317. If today closes in the green, Shiba Inu will mark its third consecutive day of gains.
Shiba Inu looks set for a major move, however, the road is not devoid of obstacles. On the upside, Shiba Inu faces a barrier at the daily SMA 50 at $0.00001442 ahead of the daily SMA 200 at $0.000021.
Tomiwabold OlajideIf these hurdles are cleared, SHIB might begin a major move, aiming for the $0.00003 level.
Shiba Inu's recent milestones
In the past week, Shiba Inu Developer’s Portal, or ShibDev, a key player in Shibarium’s evolution, was launched, providing developers with essential tools for building on Shibarium and signaling Shiba Inu's long-term ambition of building an extended and thriving ecosystem.
Shiba Inu expanded its impact beyond traditional markets, igniting the gaming industry with the release of Agent Shiboshi and its Apple App Store launch. The game not only capitalizes on the expanding crypto gaming market but also helps to further engage Shiba Inu's passionate fan base.
Shiba Eternity's first Web3-ranked event concluded last week, marking an important milestone for the Shiba Inu ecosystem.
Alex Dovbnya
Denys Serhiichuk