u.today
The popular meme-inspired cryptocurrency Shiba Inu (SHIB) continued to make waves over the weekend. This time, the reason is what is happening on the SHIB price chart and what is happening behind the scenes — in on-chain reality. According to IntoTheBlock, major holders of the Shiba Inu token have increased their holdings by more than 1 trillion over the past 24 hours.
And that's the number of net inflows, but if we look at the Large Holders Inflow metric, it turns out that the inflows are even larger, amounting to $1.98 trillion. As a result, the number of SHIB net inflows to wallets holding at least 0.1% of the circulating volume increased by 84.4%.
Shiba Inu (SHIB): Price review
Meanwhile, over the last 24 hours, the price of the Shiba Inu token showed growth of 19.2%. In particular, the price pump occurred with the beginning of December, with a quick raid to the strong resistance level at $0.0000296. Although it was not broken at the first attempt, the power of the buyers finally helped SHIB cross it and find a local top at $0.0000317, turning this resistance into support.
If the Shiba Inu token stays above this important price line, the market will get a confirmation of the bullish buying interest here, which will eventually open up the possibility for SHIB to test the bears somewhere higher.
What came first, the SHIB price growth or the whales buying the meme-inspired coin, is an open question. However, the fact remains that as the price of the Shiba Inu token began to rise, large investors accelerated their buying. The coming week will show if this convergence will continue.