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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a positive 1,058% increase in large holder netflow, signaling a significant shift in whale activity within the market. This surge is indicative of a broader trend of accumulation by these large holders, often referred to as "whales."
The large holder netflow from IntoTheBlock is a critical metric that provides insights into the change in the positions of whales. It is calculated by measuring the volume of inflows minus outflows for these addresses.
A spike in this metric can be interpreted as accumulation, while a decrease may suggest selling or reduced positions. In the case of Shiba Inu, the 1,058% rise might suggest robust buying activity, as whales appear to be accumulating SHIB.
Several factors could be contributing to this epic move by SHIB whales. The recent price dip in SHIB might have presented a buy window for whales, allowing them to acquire substantial amounts of SHIB at a discount.
Tomiwabold OlajideThis is common among large holders, or whales, looking to capitalize on market corrections to strengthen their positions.
At the time of writing, SHIB was down 2.03% in the last 24 hours to $0.00002683. The price of SHIB remains down 14% weekly as investors book profits.
Key levels to watch for SHIB price
As the SHIB price aims for a fresh move after days of selling, the next price range for the bulls to target would be the $0.000028 and $0.000030 levels, where 59,080 addresses bought 21.13 trillion SHIB at an average price of $0.000029.
On the other hand, if declines perpetuate and SHIB loses its current trading range, the next support range that would come into view is between $0.000019 and $0.000024, where 42.84 trillion SHIB were bought by 70,370 addresses at an average price of $0.000022.
Intriguing trend spotted
On-chain analytics firm IntoTheBlock spots an intriguing trend that suggests a massive inflow of new traders buying meme coins. This is because the number of addresses holding meme coins for under 30 days hit a record high in the past month.
Shiba Inu, in this regard, has seen a notable increase in total addresses, which refers to all addresses ever created and is nearing the four million mark.
According to IntoTheBlock data, Shiba Inu's total addresses are now at 3.98 million.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team