According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, is witnessing a significant 4,320% increase in large holder net flows. This surge comes as SHIB's price is making a concerted effort to rise above the critical daily Simple Moving Average (SMA) 200 level, indicating a potential bullish reversal.
On-chain data from IntoTheBlock reveals that the large holder netflow for SHIB has surged by 4,320%. This metric monitors the change in positions of large holders, often known as 'whales.' A positive surge in netflow, as seen in SHIB's case, could suggest accumulation from large players. The significant increase in net flows might indicate that whales are positioning themselves ahead of expected market moves, such as announcements or technological developments within the Shiba Inu ecosystem.
Whales are known to capitalize on price corrections to accumulate at a discount. The surge in netflows coincides with SHIB's price trying to rise above the daily SMA 200 at $0.00001872. After a steady decline from highs of $0.0000294 on May 29, SHIB fell below the daily SMA 200, causing concerns among traders who view this level as a critical benchmark for the token's health.
The dip below the SMA 200 was seen as a bearish signal. However, SHIB's current efforts to surpass this level highlight the potential for a significant price movement if the momentum continues. At the time of writing, SHIB was up 0.85% in the last 24 hours to $0.00001864. Traders will be closely monitoring SHIB's price action in the coming days to see if it can make a sustained push above the SMA 200 and initiate a fresh bullish move.