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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 924% surge in large holder inflows, an indicator that tracks funds going into whale-owned addresses. This significant increase comes amid a notable price breakout, capturing the attention of the market.
Large Holders' Inflows indicate that considerable buying activity is taking place. This is the case because many of these addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage.
According to IntoTheBlock data, Shiba Inu has had a 924.75% spike in large holder inflows this week, jumping from 603.55 billion SHIB on Sept. 25 to 3.79 trillion SHIB on Sept. 26.
Following a period of consolidation, SHIB's price broke through critical resistance levels, indicating a bullish trend. This breakout has been partly fueled by increased buying pressure from retail and institutional investors, bolstered by whale activity.
According to IntoTheBlock data, over the last 24 hours, Shiba Inu has seen a 372.6% surge in large transaction volume, which denotes whale activity amounting to $169.27 million or 9.07 trillion SHIB in crypto terms.
Shiba Inu soars to fresh highs amid whale activity surge
Shiba Inu had a strong price increase in yesterday's trading session. The surge continued in today's session, with Shiba Inu reaching highs of $0.00001976.
At the time of writing, SHIB was up 17% in the last 24 hours to $0.00001974. According to Santiment, Shiba Inu's rally to a 10-week price high comes on the back of major trading volume, token circulation and whale transactions.
According to Santiment, Shiba Inu has increased 43% in the last nine days, with on-chain activity far higher than altcoin alternatives and other meme coins. In addition to volume, circulation and whale transactions reaching 10-week highs, social dominance has increased as well. This suggests that FOMO for SHIB is high right now, and the possibility of a local peak has increased.
For SHIB to surpass its $0.000043 year-high made back in February, traders should wait for the high-bullish narratives to calm down slightly, Santiment wrote.