Shiba Inu (SHIB) has seen a steady rise in price this week. This growth has been driven by accumulation by its large holders, known as whales.
This consistent buying pressure has positioned SHIB for potential further gains, with the memecoin now eyeing a monthly high.
Shiba Inu selloff, whale interest fuel rally
According to IntoTheBlock, Shiba Inu has seen a 16% increase in net inflows from its large holders over the past week. These are whale addresses that hold more than 0.1% of the memecoin’s circulating supply.
Net flow tracks the difference between the coins they buy and the amount they sell in a given period. When the net flow of large holders increases for an asset, it means that more tokens flow into the wallets of large investors or institutions than flow out.
This trend indicates that these holders are accumulating the asset, signaling confidence in its future value.
Net Flow of Large Shiba Inu Holders. Source: IntoTheBlock
Furthermore, SHIB’s price rally was also driven by reduced selling activity in the general market due to fear of incurring losses. According to data from Santiment, the coin’s negative On-Chain Realized Profit/Loss indicator indicates that many traders who sold their coins in the past week did so at a loss.
Thus, the desire to make gains on their investments discouraged many holders from selling, contributing to the price rise.
Realized Profit/Loss on Shiba Inu Network. Source: Santiment
Price prediction
The memecoin is currently trading at $0.000022. If selling pressure remains minimal and its whales intensify accumulation, its price will break the resistance at $0.000026 and revisit the monthly peak of $0.000033.
Shiba Inu Price Analysis. Source: TradingView
On the other hand, if traders start taking profits and selling pressure increases, the memecoin could lose its recent gains and fall below $0.000021.
The post Shiba Inu (SHIB) Eyes Monthly High as Large Holders Accumulate appeared first on BeInCrypto.
