Shiba Inu is seeing an increase in net flow from large holders, which gives an idea of the change in the positions of whales and investors.
Shiba Inu is seeing an increase in net flow from large holders, which gives an idea of the change in the positions of whales and investors.
Large whale holders or large holders are known to accumulate during periods of decline, and the scenario appears to be playing out for SHIB, whose net flow of large holders has specifically spiked on the week.
By In the block According to data, Shiba Inu is experiencing a 602% increase in net flows from large holders, suggesting token accumulation by whales. This essential move coincides with a drop in the price of Shiba Inu in the last 48 hours.
Shiba Inu fell for the second day in a row as bears devastated the cryptocurrency market. Bitcoin and the broader cryptocurrency market fell near the end of the week following the release of a strong inflation report, which reinforced bets that the Federal Reserve may be in no rush to cut interest rates.
At the time of writing, SHIB was down 6.20% in the past 24 hours to $0.00002722, extending its decline from its March 15 highs of $0.0000327.
In the bigger picture, Shiba Inu has seen profit taking, which has steadily declined since hitting highs of $0.000045 on March 5 to enter the trading range.
Apparently, Shiba Inu would need to maintain its current price range between $0.000026 and $0.000033, where 4,210 addresses purchased 61.06 billion SHIB at an average price of $0.00003.
The reason is that SHIB finds relatively little support below this zone: 9,100 addresses bought 2.57 billion Shiba Inu tokens in the range of $0.000025 and $0.000026. Shiba Inu’s rapid rise in early March gave it little time to build support near its current trading zone.
Shiba Inu’s biggest support is between $0.000008 and $0.000014, where 439,510 addresses purchased 260.48 billion Shiba Inu tokens at an average price of $0.000010.
While eyes are open to Shiba Inu price trends in the very short term, the most likely scenario remains one of consolidation or range trading before the next big price move.
