The dog-themed cryptocurrency Shiba Inu has caused a 1,104% increase in inflow from large holders, which tracks funds going to the whales’ addresses.
The dog-themed cryptocurrency Shiba Inu has caused a 1,104% increase in inflow from large holders, which tracks funds going to the whales’ addresses.
Inflows from large holders often suggest strong buying activity. Therefore, the current surge in inflows from large holders coincides with a massive eight-day price rally for Shiba Inu, hitting a nearly two-year high of $0.0000235 in today’s trading session.
Chain analytics company feeling highlights the Shiba Inu rally, citing SHIB as the latest meme coin to increase in value after Dogecoin, Bonk, Floki and Pepe as the week closes.
February was a triumph for Shiba Inu, which saw its innovative partnership with crypto company Zama to build a new privacy-focused network on top of the Shibarium blockchain.
Shiba Inu hits two-year highs
Shiba Inu made a huge jump to intraday highs of $0.0000235 on Saturday, a level not seen since April 2022, hitting a nearly two-year high.
The bulls had consolidated with a price gain starting on February 24 from lows of $0.00000934. Shiba Inu prices rose sharply on March 1 and 2, and prices are expected to rise for the eighth consecutive day.
Shiba Inu saw its biggest weekly rise of 130%, its best performance since October 2021, when it hit all-time highs of $0.000088.
At the time of writing, SHIB was up 68.18% in the last 24 hours to $0.000022. Going forward, Shiba Inu faces its next barrier in the range of $0.000025 and $0.000031, where 92,510 addresses bought 24.51 trillion SHIB.
The current rally has brought SHIB into a prominent accumulation zone. According In the block, 437.52 trillion SHIB were purchased by 170,400 addresses in the range between $0.000016 and $0.000027 at an average price of $0.000021. This range could serve as crucial support for SHIB in case of price declines.
While looking at where Shiba Inu will go next, Santiment believes it will be important to keep an eye on spikes in social dominance because they remain critical to timing spikes.
