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Shiba Inu (SHIB) saw its netflows skyrocket 285%, fueled by heightened whale activity. The surge in whale transactions has ignited fresh speculation of a potential SHIB price explosion, as large holders position for a possible breakout.
Shiba Inu Whales Drive 285% Netflow Spike
The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a massive 285% increase in netflows from large holders, mostly due to whale trading.
The huge transaction volume of Shiba Inu has increased by 39.13% in the past 24 hours, reaching $35.9 million, or 2.65 trillion SHIB in crypto terms, according to data from IntoTheBlock. The dramatic rise in major holder netflows, which occurred at the same time as the upsurge in whale activity, gives some indication of the shift in the positions of these holders.
Whales Power SHIB’s 285% Netflow Surge
The data from IntoTheBlock shows that Shiba Inu's large holder netflow has increased positively by 285% week-over-week. A decrease in netflows indicates a reduction in positions or selling, whilst an increase in netflows indicates accumulation from major players.
An increase in netflows from large holders may signal that "whales" are once again placing bets on the possibility of a price boom for Shiba Inu.
Shiba Inu Faces Major Resistance at Key Levels
Data stored on the blockchain indicates that Shiba Inu's price is about to encounter a significant hurdle.
On average, 114,320 addresses spent $0.000018 on 505.94 trillion SHIB, with prices ranging from $0.000014 to $0.000019, as reported by U.Today. If bulls are successful in moving SHIB beyond this key level, it can set off a new price advance.
On September 3, the cryptocurrency markets fell along with the U.S. equity markets due to their weakness. Although lower levels attracted investors, leading to a SHIB price rebound, selling on the crypto markets persisted on September 4.
The price of SHIB increased 0.65% to $0.00001328 in the past day. At the moment, Shiba Inu is still in a tight consolidation, with bears and bulls vying for control.
SHIB Primed for Breakout Beyond Moving Averages
The Shiba Inu price might start a new uptrend if it breaks decisively above the daily SMA 50 and 200, which are around $0.0000172 and $0.0000209, respectively. When looking to sell, $0.0000106 and $0.0000124 are still levels of support.
Market participants will closely monitor on-chain data and overall market circumstances in the days ahead. Shiba Inu could see increased market value if the accumulation tendency continues, which could indicate continued confidence.
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