Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a surge in whale netflows, skyrocketing by an astonishing 7,429%.
According to IntoTheBlock data, Shiba Inu is seeing a 7,429% increase in large holder netflows, which provides an idea of the change in the positions of whales.
A positive large holder netflow indicates that whales are accumulating more of the asset, which can be a bullish signal. That said, the 7,429% surge in Shiba Inu large holder net flows remains significant for the cryptocurrency and might indicate substantial accumulation by large holders.
While the 7,429% increase in whale netflows is a promising indicator, it might not guarantee immediate price increases, as other factors, such as broader market dynamics and positive market sentiment, might come into play.
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Shiba Inu surged to highs of $0.0000199 in Wednesday's trading session as bullish sentiment on the broader crypto market spilled over to dog-themed tokens. The rally comes as Bitcoin surged to an all-time high above $75,000.
What's next for SHIB price?
In two consecutive days of rises, SHIB touched highs of $0.0000199 on Nov. 6. At writing time, Shiba Inu has retreated down 1.79% in the last 24 hours to $0.00001872.
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The $0.000020 level remains an important level for the bulls to break, since a break and closing above it would complete an inverted H&S pattern. That might signal a new upward move to $0.000026 and then to $0.000029.
This optimistic outlook will be refuted in the short term if the SHIB price falls and breaks below the $0.000016 support. If this happens, Shiba Inu may continue in the $0.000013 to $0.000020 range for some time.
