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Trillions of SHIB Move to Whale Wallets as Shiba Inu Aims Next Move

Wed, 09/13/2023 - 14:35
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Tomiwabold Olajide
Shiba Inu has seen spike in large-holder netflows, suggesting accumulation
Trillions of SHIB Move to Whale Wallets as Shiba Inu Aims Next Move
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The last 24 hours have notably seen trillions of SHIB being moved by whales or large holders. According to IntoTheBlock, 2.41 trillion SHIB represented a large transaction volume in this time frame.

The large transaction volume marks the total amount exchanged by whales on a specific day, and large transactions in this context refer to those above $100,000.

Shiba Inu Hits Big Milestone as SHIB Transaction Volume Jumps 299%

As the Shiba Inu price aims for its next major move after a period of decline running into weeks, Shiba Inu whales, or large holders, may be seen accumulating. A spike in large holders' netflow in the last seven days might point to this.

The Large Holders Netflow metric from IntoTheBlock shows the change in the positions of whales and investors, with more than 0.1% of the supply. In brief, netflow spikes indicate accumulation from large players or whales, whereas dips indicate reduced positions or selling.

Shiba Inu has seen a positive 283% increase in large-holder netflows in the last seven days.

SHIB price action

At the time of writing, SHIB was marginally down 0.23% in the last 24 hours to $0.00000723. Shiba Inu started a decline after touching highs of $0.0000113 on Aug. 12.

SHIB/USD Daily Chart
SHIB/USD Daily Chart, Courtesy: TradingView

Consequently, Shiba Inu lost its key moving averages of 50 and 200, located at $0.00000845 and $0.00000913, below which it trades presently.

After days ran into weeks of price stagnation, Shiba Inu bottomed at lows of $0.00000696 on Sept. 11, where it started to move.

A positive close today would mark SHIB's second consecutive day of gains. Shiba Inu hit intraday highs of $0.00000728 in today's session; now, the next target if the upside move is sustained would be $0.00000779, ahead of the daily MA 50 at $0.00000844.

That said, a break above the moving averages may kickstart a new uptrend for Shiba Inu. Further declines might push SHIB to mark a bullish double bottom if it falls to $0.0000064.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.