Dog-themed cryptocurrency Shiba Inu (SHIB) has witnessed a staggering 285% surge in large holder netflows, driven by significant whale activity.
According to IntoTheBlock data, Shiba Inu's large transaction volume is up 39.13% in the last 24 hours to $35.9 million, or 2.65 trillion SHIB in crypto terms.
The surge in whale activity coincides with a remarkable increase in large holder netflows, which provides an idea of the change in the positions of whales, or large holders.
Per IntoTheBlock data, Shiba Inu's large holder netflow is up 285% on the week, a positive increase. Spikes in netflows can be seen as accumulation from large players, while drops point to reduced positions, or selling.
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The surge in large holder netflows might be a clear indication that whales might be back in the game, betting on Shiba Inu’s potential for a price surge.
Shiba Inu faces 505 trillion SHIB barrier
According to on-chain data, Shiba Inu faces a formidable barrier ahead in its price action. According to IntoTheBlock data, 505.94 trillion SHIB were bought in the range between $0.000014 and $0.000019, at an average price of $0.000018, by 114,320 addresses.
Bulls are making a concerted effort to push SHIB beyond this critical threshold which, if successful, could trigger a fresh price rally.
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Weakness on the U.S. equity markets dragged the cryptocurrency markets lower on Sept. 3. The selling on the crypto markets continued on Sept. 4, although lower levels drew buyers, resulting in a SHIB price comeback. At the time of writing, SHIB was up 0.65% in the last 24 hours to $0.00001328.
Currently, Shiba Inu remains in a narrow consolidation, with bulls and bears jostling for supremacy. On the upside, a decisive break above the daily SMA 50 and 200 at $0.0000172 and $0.0000209 might kickstart a fresh uptrend for the Shiba Inu price. On the downside, support levels remain at $0.0000106 and $0.0000124.
In the coming days, the market will pay close attention to on-chain data and broader market conditions. Should the accumulation trend persist, it could be a sign of sustained confidence and the potential for Shiba Inu to capture higher market values.
