Shiba Inu Skyrockets 1,590% in Key Metric as Whales Dive in to Save SHIB Price
The post Shiba Inu Skyrockets 1,590% in Key Metric as Whales Dive in to Save SHIB Price appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 1,590% surge in large holder inflows, thanks to significant activity from whales, which are individuals or entities holding substantial amounts of SHIB. According to IntoTheBlock data, Large Holders Inflow, which tracks the funds going into addresses belonging to whales or large holders, is up 1,590%, owing to a significant surge in the last 24 hours. Notably, large holder inflows increased from 728.17 billion SHIB on May 15 to 3.97 trillion SHIB on May 16. Spike in Large Holders Inflows often suggests two things. The first is that considerable buying activity may be taking place. Many whale addresses typically buy on centralized exchanges and subsequently shift their purchases into cold storage. Second, spikes in large holder inflows can indicate price bottoms because whale addresses prefer to buy in bulk after significant corrections. Both scenarios might be likely as Shiba Inu’s price battles key resistance. At the time of writing, SHIB was down 2.5% in the last 24 hours to $0.00002472. The last three days have been a battle for the SHIB price, with bulls persistently attempting to surpass the daily SMA 50 at $0.00002524. Shiba Inu bulls’ attempts to break through this crucial resistance on May 15 were unsuccessful, with the SHIB price closing lower. Bulls are still making another try, with SHIB’s price reaching intraday highs of $0.00002509. While bulls are in a bid to…
Filed under: News - @ May 17, 2024 1:14 pm