Shiba Inu whales have been accumulating SHIB tokens recently. Inflows from large players have been exceeding outflows, suggesting that whales find the current SHIB price attractive. IntoTheBlock data points out that net flows from large players have risen 275% over the past week. At press time, the indicator's readings are in the positive range and flash a value of 145.7 billion SHIB tokens. Therefore, it can be said that the current buying bias in the SHIB market is in the formation stage.
How will SHIB's price react?
An increase in Shiba Inu whale inflows is generally considered a positive move. This could be a boon for SHIB, given the current market conditions. As shown below, the asset’s price has rebounded three times since June 2023 after testing the area around the $0.000007 threshold. During the first period, SHIB gained 20.8%. The second saw a 12% increase, and the third saw a 23.2% gain. SHIB has already started in an uptrend on the daily chart. It was up 1.5% a day ago and 1.2% at press time. Therefore, if the accumulation trend continues and large players succeed in increasing buying pressure, SHIB’s price could eventually rise further.
Conviction among holders also appears to be high. Investors have recently been increasing the holding period of SHIB. In July, the average holding period for SHIB on Coinbase was 214 days. However, at press time, it has been as long as 227 days. Generally, longer holding periods indicate an accumulation trend, while shorter holding periods indicate increased movement of coins. Therefore, the current ongoing investor trend on Coinbase also favors SHIB. #BTC #ETH
