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Shiba Inu is trading higher in the last 24 hours at $0.00001422, following a surge to $0.00001484 on July 16. Shiba Inu large holders inflow, an indicator that tracks the funds entering into whale addresses, has mirrored the rise in Shiba Inu's price.
According to IntoTheBlock, SHIB’s large holders inflow surged from 245.01 billion SHIB on July 13 to 973.1 billion SHIB on July 16 - a 728 billion SHIB increase in just three days.
A significant increase in large holders' inflows indicates that whales are either buying significantly or reallocating assets. This is remarkable, especially considering the general market volatility, which could indicate that smart money is positioning early.
While large inflows to whale wallets do not always lead to immediate price spikes, they often indicate increased confidence among large investors. If the current trend continues, SHIB may be gearing up for a fresh rally, especially if these whales begin to reduce selling pressure or increase their holdings further.
SHIB price action
Shiba Inu (SHIB) has risen nearly 3% in the past 24 hours and 16% weekly. SHIB has outpaced Bitcoin so far this month, increasing by more than 25% compared to Bitcoin's 10% gain. On July 16, the price reached an almost seven-week high of $0.00001484.
The meme-based cryptocurrency successfully reclaimed the $8 billion market valuation threshold, now at $8.39 billion, according to CoinMarketCap data, amid rising expectations for AI-focused activities in the Shiba Inu ecosystem.
The SHIB token's daily relative strength index, which measures the pace and change of price moves, is currently at 70, commonly regarded as an overbought level. However, in actuality, it only implies that the upward momentum is increasing.
The bullish indication comes as the Shiba Inu cryptocurrency attempts to break out of an inverse head-and-shoulders pattern. Eyes are on a decisive break above the daily SMA 200 at $0.00001467 to advance short-term bullish momentum
Vladislav Sopov
U.Today Editorial Team