According to U.Today, the dog-themed cryptocurrency Shiba Inu has experienced a remarkable increase in key on-chain metrics, particularly in net flows of large holders, often referred to as whales. Data from IntoTheBlock indicates that Shiba Inu's net flows have surged by 2,649% over the past week, suggesting significant accumulation by these large players.

In addition to the net flows, Shiba Inu has also seen a substantial rise in large holder inflows, which have increased by 3,835% in the last seven days. Outflows have also risen, up by 5,019% during the same period. This surge in on-chain activity has coincided with a notable rebound in SHIB's price. After a period of decline, SHIB's price saw a sharp increase during Friday's trading session, reaching a high of $0.00001819. As of the latest update, Shiba Inu was trading at $0.00001764, up 2.23% in the last 24 hours.

The rise in Shiba Inu's price aligns with a broader upturn in the cryptocurrency market. Bitcoin, for instance, surpassed $67,000 for the first time in over a month, experiencing a nearly 6% increase on Friday. This positive movement in Bitcoin has helped lift the fortunes of smaller tokens like Shiba Inu and Solana, both of which saw gains of nearly 5%.

As the situation develops, analysts are closely watching key technical levels and trends to determine whether SHIB will continue its upward trajectory or enter a period of consolidation. Important factors to monitor include overall market sentiment, broader cryptocurrency trends, and any upcoming news related to Shiba Inu. A sustained breakout above the daily moving averages of 50 and 200, at $0.00001916 and $0.00001974 respectively, could signal a bullish comeback. Conversely, if the price declines, intermediate support is expected between $0.0000158 and $0.0000168.