Dog-themed cryptocurrency Shiba Inu has triggered a 1,104% surge in Large Holders Inflow, which tracks the funds going into whale addresses.
Large-holder inflows often suggest strong buying activity. Thus, the current surge in large holders' inflow coincides with a massive eight-day price run for Shiba Inu, reaching a nearly two-year high of $0.0000235 in today's trading session.
On-chain analytics firm Santiment spotlights Shiba Inu's rally, citing SHIB as the latest meme coin surging in value after Dogecoin, Bonk, Floki and Pepe as the week closes.
February was a triumph for Shiba Inu, which saw its groundbreaking partnership with cryptography firm Zama to build a new privacy-focused network on top of the Shibarium blockchain.
Shiba Inu surges to two-year highs
Shiba Inu had an enormous jump to intraday highs of $0.0000235 on Saturday, a level not seen since April 2022, achieving a nearly two-year high.
Bulls had consolidated on a price gain that began on Feb. 24 from lows of $0.00000934. Shiba Inu prices rose sharply on March 1 and 2, with prices set to rise for the eighth day in a row.
Shiba Inu experienced its largest weekly increase, surging 130% — its finest performance since October 2021, when it hit all-time highs of $0.000088.
At the time of writing, SHIB was up 68.18% in the last 24 hours to $0.000022. Moving forward, Shiba Inu faces its next barrier in the range of $0.000025 and $0.000031, where 24.51 trillion SHIB were bought by 92,510 addresses.
The current rally has brought SHIB to a prominent accumulation zone. According to IntoTheBlock, 437.52 trillion SHIB were bought by 170,400 addresses in the range between $0.000016 and $0.000027 at an average price of $0.000021. This range could serve as crucial support for SHIB in the event of price drops.
As eyes are peeled on where Shiba Inu goes next, Santiment believes that social dominance spikes will be important to keep an eye on because they are still critical in timing tops.