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Shiba Inu Whales Secure 7.84 Trillion SHIB Overnight as Price Teases Crucial Point

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Tue, 7/11/2023 - 10:03
Shiba Inu Whales Secure 7.84 Trillion SHIB Overnight as Price Teases Crucial Point
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In a recent development, Shiba Inu (SHIB) has witnessed unprecedented whale activity in the past 24 hours. Crypto intelligence portal IntoTheBlock has revealed a staggering 48.48% overnight surge in inflows from major holders, reaching an astonishing 7.84 trillion SHIB.

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Just two days ago, this metric stood at 410.21 billion SHIB, marking an astounding 1,911.2% increase in large holders' inflow.

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What sets this activity apart is the simultaneous rise in outflows accompanying these large inflows. In the same 24-hour period, a significant 968.24 billion SHIB tokens flowed out, representing a notable 121.62% increase compared to the previous day.

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Source: IntoTheBlock

This surge in SHIB accumulation by whales coincides with the token's impressive price movement. After a nearly 20% surge in the past three weeks, SHIB is now approaching a crucial threshold at $0.0000084 cents per SHIB. Crossing this level could pave the way for accelerated growth, potentially reaching $0.00001 and beyond.

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SHIB to USD by CoinMarketCap

Historical data indicates the significance of this milestone. The last time SHIB crossed this threshold from the bottom, its price skyrocketed by 37% within a mere two weeks back in July.

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However, the market remains cautious, questioning whether this surge is a genuine breakthrough or a market maker's ploy, luring investors into buying SHIB in anticipation of a significant rally.

The fate of the token now hangs in the balance, with the price chart serving as the ultimate oracle. As the SHIB community eagerly watches, only time will reveal whether Shiba Inu will triumphantly breach this crucial resistance level or succumb to market complexities.

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