Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has witnessed a significant development in its on-chain activity. According to data from IntoTheBlock, large holder netflow for SHIB has experienced a staggering 1,058% increase.
This metric, which tracks the difference between inflows and outflows from addresses holding significant amounts of SHIB (often referred to as “whales”), suggests a potential shift towards accumulation by these large investors.
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Large Holders Drive Accumulation
Large holder NetFlow is a valuable indicator of whale sentiment over a cryptocurrency. A positive netflow, as seen in SHIB’s case, signifies that whales are accumulating more SHIB than they are selling.
This could be due to several factors. The recent price dip in SHIB might have presented an attractive buying opportunity for whales, allowing them to acquire SHIB at a lower price point. This strategy of capitalizing on market corrections to strengthen positions is a common tactic employed by large holders across various asset classes.
Price Levels to Watch
SHIB is currently trading at 0.00002729 with a 3.68% increase in the past 24 hours and a 14.36% decline over the past week. On-chain analysis can provide insights into potential future price movements.
The key resistance levels to watch for SHIB are $0.000028 and $0.000030. IntoTheBlock’s data reveals that significant buying pressure existed around these levels in the past, with over 59,000 addresses acquiring SHIB at an average price of $0.000029.
Conversely, if the price falls and breaks its current trading range, the next potential support zone lies between $0.000019 and $0.000024. Here, on-chain data indicates buying activity from over 70,000 addresses at an average price of $0.000022.
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Influx of New Meme Coin Investors
Beyond the large holder activity, IntoTheBlock also highlights an intriguing trend: a surge in new investors entering the meme coin market. The number of addresses holding meme coins for less than 30 days has reached an all-time high, suggesting a significant influx of new participants. Shiba Inu, as a prominent meme coin, has benefited from this trend, with its total address count nearing the 4 million mark.
The combined factors of increased large-holder activity and a growing investor base suggest potential optimism for SHIB. However, it’s important to remember that cryptocurrency markets are inherently volatile, and past performance is not necessarily indicative of future results. Keeping an eye on key price levels and broader market movements will be crucial for investors navigating the Shiba Inu market.
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