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Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a surge in whale netflows, skyrocketing by an astonishing 7,429%.
According to IntoTheBlock data, Shiba Inu is seeing a 7,429% increase in large holder netflows, which provides an idea of the change in the positions of whales.
A positive large holder netflow indicates that whales are accumulating more of the asset, which can be a bullish signal. That said, the 7,429% surge in Shiba Inu large holder net flows remains significant for the cryptocurrency and might indicate substantial accumulation by large holders.
While the 7,429% increase in whale netflows is a promising indicator, it might not guarantee immediate price increases, as other factors, such as broader market dynamics and positive market sentiment, might come into play.
Shiba Inu surged to highs of $0.0000199 in Wednesday's trading session as bullish sentiment on the broader crypto market spilled over to dog-themed tokens. The rally comes as Bitcoin surged to an all-time high above $75,000.
What's next for SHIB price?
In two consecutive days of rises, SHIB touched highs of $0.0000199 on Nov. 6. At writing time, Shiba Inu has retreated down 1.79% in the last 24 hours to $0.00001872.
The $0.000020 level remains an important level for the bulls to break, since a break and closing above it would complete an inverted H&S pattern. That might signal a new upward move to $0.000026 and then to $0.000029.
This optimistic outlook will be refuted in the short term if the SHIB price falls and breaks below the $0.000016 support. If this happens, Shiba Inu may continue in the $0.000013 to $0.000020 range for some time.