The dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a staggering 4,320% increase in net flows from large holders. This massive rise comes at a crucial time as SHIB price makes a concerted effort to return above the critical daily 200 simple moving average (SMA) level, indicating a possible bullish reversal.
The dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a staggering 4,320% increase in net flows from large holders. This massive rise comes at a crucial time as SHIB price makes a concerted effort to return above the critical daily 200 simple moving average (SMA) level, indicating a possible bullish reversal.
According to chain data In the block, the net flow of large holders to SHIB has positively skyrocketed by 4,320%. This metric tracks the change in the positions of large holders, often referred to as “whales.” A positive increase in net flow like that observed in the case of SHIB could suggest accumulation by large players.
The significant rebound in net flows could suggest that whales could be positioning themselves ahead of anticipated market movements, such as announcements or technological developments within the Shiba Inu ecosystem.
Whales are known to take advantage of price corrections to accumulate at a discount. The increase in net flows also coincides with SHIB price’s attempt to return above the daily SMA 200 at $0.00001872.
Tomiwabold OlajideFollowing a steady decline from highs of $0.0000294 on May 29, SHIB fell below the daily SMA 200, raising concerns among traders who view this level as a critical benchmark for the health of the token.
The drop below the 200 SMA was interpreted as a bearish signal; However, SHIB’s current efforts to break above this level highlight the potential for a significant price move if the momentum continues.
At the time of writing, SHIB was up 0.85% in the last 24 hours to $0.00001864. In the coming days, traders will closely monitor SHIB’s price action to see if it can achieve sustained momentum above the 200 SMA and initiate a new bullish move.
