Sat, 16/03/2024 – 17:11
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Shiba Inu is seeing a surge in large holders’ net flow, which provides an idea of the change in the positions of whales and investors.
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Whale or large holders are typically known to accumulate during periods of decline, and the scenario seems to be playing out for SHIB, whose large holders’ net flow has soared specifically in the week.
Per IntoTheBlock data, Shiba Inu is seeing a 602% spike in large holders’ net flows, which suggests the accumulation of tokens by whales. This essential move coincides with a Shiba Inu price drop in the last 48 hours.
Shiba Inu fell for the second consecutive day as bears ravaged the crypto market. Bitcoin and the wider crypto market dipped near the end of the week following the release of a strong inflation report, which bolstered bets that the Federal Reserve might not be in a hurry to cut interest rates.
At the time of writing, SHIB was down 6.20% in the last 24 hours to $0.00002722, extending its decline from its March 15 highs of $0.0000327.
In the general picture, Shiba Inu has seen profit taking, declining steadily since reaching highs of $0.000045 on March 5 to enter range trading.
As it seems, Shiba Inu would need to hold its current price range between $0.000026 and $0.000033, where 61.06 trillion SHIB were bought by 4,210 addresses at an average price of $0.00003.
The reason is that SHIB finds relatively little support beneath this zone: 2.57 trillion Shiba Inu tokens were bought in the range of $0.000025 and $0.000026 by 9,100 addresses. Shiba Inu’s quick ascent at March’s start gave it little time to build support near its current trading zone.
Shiba Inu’s biggest support lies between $0.000008 and $0.000014, where 260.48 trillion Shiba Inu tokens were bought by 439,510 addresses at an average price of $0.000010.
While eyes are peeled on where the Shiba Inu price trends in the very near term, the most likely scenario remains that of consolidation or range trading before the next big price move.