Dog-themed cryptocurrency Shiba Inu has skyrocketed 2,649% in on-chain key metric that depicts net flows of large holders regarded as whales.

According to IntoTheBlock data, Shiba Inu is seeing a positive surge in net flows, up 2,649% in the week.

Large Holders Netflow provides an idea of the change in positions of whales, spikes in netflow can be seen as accumulation from these large players.

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Shiba Inu was also demonstrating a significant surge in large holder inflows, which is up 3,835% in the last seven days, while outflows were also higher at 5,019% in this same time frame.

SHIB price rebounds

As Shiba Inu’s on-chain metrics skyrocket, its price has also begun to make intriguing moves. After days of declining, SHIB's price saw a sharp rebound in Friday's trading session, reaching highs of $0.00001819.Shiba Inu was still sustaining its rebound till press time, up 2.23% in the last 24 hours to $0.00001764.

Shiba Inu's rise coincides with the general upturn in the crypto market, with Bitcoin surpassing $67,000 for the first time in more than a month.

Bitcoin's surge of almost 6% on Friday helped to lift the fortunes of smaller tokens such as Shiba Inu and Solana, which were all up nearly 5%.

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As the scenario unfolds, analysts are closely monitoring key technical levels and trends to gauge whether SHIB will continue its upward trajectory or face a period of consolidation. Key factors to watch include the overall market sentiment, broader cryptocurrency trends and any forthcoming news related to Shiba Inu.

On the upside, a sustained breakout above the daily moving averages 50 and 200 at $0.00001916 and $0.00001974 might be the first sign of a bullish comeback. On the contrary, if the price slips, intermediate support is envisaged between $0.0000158 and $0.0000168.