The popular meme-inspired cryptocurrency, Shiba Inu (SHIB), is experiencing a significant upswing in activity from large holders, also known as whales. This surge in “large holders’ net flow” indicates that whales are actively accumulating SHIB tokens, especially during the recent market downturn.
When whales accumulate SHIB by buying up large quantities, it can trigger bullish sentiment, encouraging other investors to follow suit. This buying pressure can push the price of Shiba Inu upwards.
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Data analytics platform, IntoTheBlock, reports a remarkable 602% increase in large holder net flows for Shiba Inu. This accumulation trend coincides with SHIB’s price adjustment over the past 48 hours, as SHIB is currently up 6% in the last 24 hours, according to CoinMarketCap.
Following a strong inflation report, Bitcoin and the broader cryptocurrency market faced downward pressure. This bearish sentiment, fueled by the possibility of sustained higher interest rates, rippled across the sector, leading to SHIB’s price depreciation.
Shiba Inu (SHIB) Market Analysis
The current trend represents a pullback from its March 15 high of $0.0000327. Overall, after reaching a peak of $0.000045 on March 5, Shiba Inu has undergone a period of profit-taking and subsequent range-bound trading.
Market analysis suggests that SHIB needs to maintain its current price range of $0.000026 and $0.000033 to establish firm support. Within this range, approximately 61.06 trillion SHIB tokens were purchased by 4,210 addresses, with an average price of $0.00003.
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Below this zone, SHIB faces weaker support where only 2.57 trillion SHIB were bought between the prices of $0.000025 and $0.000026 by 9,100 addresses. The most robust support for Shiba Inu lies within the $0.000008 to $0.000014 price range, where 439,510 addresses bought a massive 260.48 trillion SHIB tokens at an average of $0.000010.
While near-term price predictions are uncertain, SHIB is likely to undergo a period of consolidation or range trading before its next significant price movement and while whales hold significant power to influence the short-term price of SHIB, it’s important to note that broader market forces and the cryptocurrency landscape still play a major role in the asset’s long-term trajectory.
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