The Shiba Inu cryptocurrency (SHIB), inspired by a popular meme, continues to make waves over the weekend. This time, the reason is what is happening on the SHIB price chart and what is going on behind the scenes — in fact, on-chain. According to IntoTheBlock, large holders of the Shiba Inu token have increased their holdings by over 1 trillion in the past 24 hours.
And that is the amount of net cash flow, but if we consider the data of Large Holder Cash Flow, it turns out that the cash flow is even larger, reaching $1.98 trillion. As a result, the amount of net cash flow SHIB into wallets holding at least 0.1% of the circulating supply has increased by 84.4%.
Shiba Inu (SHIB): Price Evaluation
Meanwhile, in the past 24 hours, the price of the Shiba Inu token has grown by 19.2%. Notably, the price increase occurred in early December, with a swift surge to the strong resistance at $0.0000296. Although it was not broken on the first attempt, the strength of buyers eventually helped SHIB surpass it and find a local peak at $0.0000317, turning this resistance level into support.
If the Shiba Inu token maintains above this important price threshold, the market will confirm bullish buying interest here, which will ultimately open up the possibility for SHIB to test the downtrend at some higher point.
What happens first, the price growth of SHIB or the whales buying the meme-inspired coin, is an open question. However, the fact remains that when the price of the Shiba Inu token began to rise, large investors accelerated their buying. Next week will show whether this convergence continues.