The dog-themed cryptocurrency Shiba Inu (SHIB) has recently seen a staggering increase in large holder net flows, jumping by an incredible 1,445%. Whale netflows for SHIB surged from 11.04 billion on Dec. 22 to 799.32 billion on Dec. 23, as reported by IntoTheBlock data. This surge in net flows is often a sign of accumulation by large holders, indicating bullish sentiment. With a significant increase in large holder netflows, the market is now speculating on what the future holds for Shiba Inu.
In the last 24 hours, large transaction volumes for SHIB have also spiked by 265.28%, reaching $84.28 million. Despite this surge in activity among large holders, Shiba Inu’s price has only slightly increased by 2.51% in the last 24 hours, now trading at $0.0000222. The question remains whether SHIB’s price will follow suit with the increased whale netflows.
Following a rebound from lows of $0.00001850 on Dec. 20, Shiba Inu has been trading within a range between its daily moving averages of 50 and 200, at $0.0000256 and $0.0000187 respectively. While the recovery hit a high of $0.000024 on Dec. 21, bulls are now eyeing the next key resistance at $0.0000256. A breakthrough at this level could pave the way for SHIB to test the $0.00003 level and eventually reach the $0.000033 barrier. On the downside, support is expected at $0.0000185 near the daily SMA 200.
The future price movement of Shiba Inu remains uncertain, with the rise in whale netflows not necessarily guaranteeing a significant price move. Short-term price trends for SHIB may be influenced by the broader cryptocurrency market dynamics and investor sentiment. It is essential to keep an eye on how these factors play out in determining Shiba Inu’s price trajectory.
In conclusion, the recent surge in whale netflows for Shiba Inu has sparked speculation about the cryptocurrency’s future price movements. Large holders accumulating SHIB could indicate a bullish outlook for the cryptocurrency. While Shiba Inu’s price has seen a slight increase in the last 24 hours, the market will closely watch for further developments to see if the increased whale netflows will lead to a significant price move. Ultimately, the broader crypto market dynamics and investor sentiment will play a significant role in determining Shiba Inu’s price trajectory in the short term.
