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Shiba Inu (SHIB) Skyrockets 4,320% in Netflows in Epic Price Recovery Push

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Thu, 20/06/2024 - 12:58
Shiba Inu (SHIB) Skyrockets 4,320% in Netflows in Epic Price Recovery Push
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Dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a staggering 4,320% increase in large holder net flows. This massive surge comes at a crucial time as SHIB's price makes a concerted effort to return above the critical daily Simple Moving Average (SMA) 200 level, signaling a potential bullish reversal.

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According to on-chain data from IntoTheBlock, large holder netflow for SHIB has positively skyrocketed by 4,320%. This metric tracks the change in positions of large holders, often referred to as "whales." A positive surge in netflow such as that seen in the case of SHIB might suggest accumulation from large players.

The significant uptick in net flows might suggest that whales could be positioning themselves ahead of anticipated market moves, such as announcements or technological developments within the Shiba Inu ecosystem.

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SHIB/USD Daily Chart: TradingView

Whales are known to take advantage of price corrections to accumulate at a discount. The surge in netflows also coincides with SHIB's price attempting to return above the daily SMA 200 at $0.00001872.

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Following a steady decline from highs of $0.0000294 on May 29, SHIB fell below the daily SMA 200, raising concerns among traders, who view this level as a critical benchmark for the token's health.

The dip below the SMA 200 was interpreted as a bearish signal; however, SHIB's current efforts to surpass this level highlight the potential for a significant price movement if the momentum continues.

At the time of writing, SHIB was up 0.85% in the last 24 hours to $0.00001864. In the coming days, traders will be closely monitoring SHIB's price action to see if it can make a sustained push above the SMA 200 and kickstart a fresh bullish move.

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