u.today
Dog-themed cryptocurrency Shiba Inu (SHIB) has recently experienced a surge in large holder net flows, skyrocketing by an astonishing 1,445%.
Specifically, whale netflows surged from 11.04 billion SHIB on Dec. 22 to 799.32 billion SHIB on Dec. 23, according to IntoTheBlock data.
A positive increase in net flows is often associated with accumulation by large holders, while negative net flows are often interpreted as selling. That said, the significant uptick in large holder netflows has left the market speculating on what’s next for Shiba Inu.
In Shiba Inu’s case, the 1,445% spike coincides with substantial activity among large holders, or whales. In the last 24 hours, large transaction volumes for SHIB have skyrocketed by 265.28%, amounting to $84.28 million.
Meanwhile, Shiba Inu's price has slightly risen in the last 24 hours, up 2.51% in the last 24 hours to trade at $0.0000222.
Will SHIB price follow?
Shiba Inu has been rather quiet in recent trading sessions, with minor price movements.
Since its sharp rebound from lows of $0.00001850 on Dec. 20, Shiba Inu has fluctuated in a range between its daily moving averages of 50 and 200 at $0.0000256 and $0.0000187, respectively.
Shiba Inu's recovery stalled at a high of $0.000024 on Dec. 21, and bulls will look to break past this level before moving on to the next key resistance at $0.0000256, where the daily SMA 50 is located.
A successful breach over this level could allow SHIB to test the $0.00003 level before reaching the $0.000033 barrier. On the downside, support is expected at $0.0000185, close to the daily SMA 200.
Going forward, it is unclear whether the rise in whale netflows will result in a price move, but in the short term, Shiba Inu's price trajectory may be decided by the broader crypto market and investor sentiment.