Dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a surge in whale network flows, soaring an astonishing 7.429%.
According to IntoTheBlock, Shiba Inu saw a 7.429% increase in net flows of large holders, which provides insight into the changing position of whales.
Positive net large holder flows indicate that whales are accumulating more assets, which could be a bullish signal. However, the 7,429% increase in Shiba Inu large holder net flows remains significant for the cryptocurrency and could indicate significant accumulation by large holders.
While the 7,429% increase in net whale flows is promising, it may not guarantee an immediate rise in prices as other factors such as broader market dynamics and positive market sentiment may come into play.
Shiba Inu shares rose to a high of $0.0000199 in Wednesday’s trading session as bullish sentiment in the broader cryptocurrency market extended to dog-themed tokens. The rally came as Bitcoin rose to an all-time high above $75,000.
What’s next for the SHIB price?
With two straight days of gains, SHIB peaked at $0.0000199 on November 6th. At the time of writing, the Shiba Inu is down 1.79% in the last 24 hours to $0.00001872.
The $0.000020 level remains an important breakout level for the bulls as a breakout and close above this level will complete the inverted H&S pattern. This could signal a new move higher to $0.000026 and then to $0.000029.
This optimistic forecast will be refuted in the short term if the SHIB price falls and breaks the support level at $0.000016. If this happens, the Shiba Inu price may remain in the range of $0.000013 to $0.000020 for some time.
