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Shiba Inu Skyrockets 1,590% in Key Metric as Whales Dive in to Save SHIB Price

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Fri, 17/05/2024 - 12:56
Shiba Inu Skyrockets 1,590% in Key Metric as Whales Dive in to Save SHIB Price
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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 1,590% surge in large holder inflows, thanks to significant activity from whales, which are individuals or entities holding substantial amounts of SHIB.

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According to IntoTheBlock data, Large Holders Inflow, which tracks the funds going into addresses belonging to whales or large holders, is up 1,590%, owing to a significant surge in the last 24 hours. Notably, large holder inflows increased from 728.17 billion SHIB on May 15 to 3.97 trillion SHIB on May 16. 

Spike in Large Holders Inflows often suggests two things. The first is that considerable buying activity may be taking place. Many whale addresses typically buy on centralized exchanges and subsequently shift their purchases into cold storage.

Second, spikes in large holder inflows can indicate price bottoms because whale addresses prefer to buy in bulk after significant corrections. Both scenarios might be likely as Shiba Inu's price battles key resistance.

At the time of writing, SHIB was down 2.5% in the last 24 hours to $0.00002472. The last three days have been a battle for the SHIB price, with bulls persistently attempting to surpass the daily SMA 50 at $0.00002524.

Shiba Inu bulls' attempts to break through this crucial resistance on May 15 were unsuccessful, with the SHIB price closing lower. Bulls are still making another try, with SHIB's price reaching intraday highs of $0.00002509.

While bulls are in a bid to push the SHIB price higher, they are also making frantic moves to save the 56.65 trillion SHIB level where the cryptocurrency currently trades.

According to IntoTheBlock data, 56.65 trillion SHIB are being held by 54,280 addresses in the range of $0.000023 to $0.000026 at an average price of $0.000025.

That said, eyes are peeled on Shiba Inu's next price direction in the context of the 56.55 trillion SHIB range and a break above the tough MA 50 barrier. Whether the 1,590% surge in whale inflows will impact the SHIB price remains to be seen.

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