Driven by the 1.136 trillion SHIB accumulation by whales, the price of Shiba Inu surged more than 5% over the weekend. On-chain data highlights bullish momentum as major holders strengthen their positions, solidifying the token's resilience above key price thresholds.
Shiba Inu rises to the key price level of $0.00003
Shiba Inu (SHIB) is a meme-inspired cryptocurrency that saw a slight increase over the weekend, rising more than 5% in the past few hours. By maintaining the key price level of $0.00003 mentioned above, the Shiba coin reveals more promising details in a broader context.
Assuming the mark remains unchanged, the fact that SHIB is still above this mark indicates that neither sellers nor buyers are ready to sell funds at these rates. In the long run, this is bullish action, laying the groundwork for the continued rise of the meme coin.
Another positive sign is the on-chain data for the Shiba Inu token. According to IntoTheBlock, in just the last day, the number of tokens net inflow to major holders' wallets reached 708.93 billion, an increase of 106.3%.
Whale inflows exceed 1 trillion SHIB
Specifically, in the past two days, or at most over the weekend, the net amount of Shiba Inu tokens held by individuals with at least 0.1% of the circulating supply exceeded 1.136 trillion SHIB, equivalent to over 34.08 million USD.
Nevertheless, activity this week has been steadily declining, with the amount of SHIB entering whale wallets down by 75.21%, and outflows down by 81.8%, as explained by (today's US).
The on-chain data is impressive, and the market is waiting for the next move
It is exciting to see how this dynamic plays out when market activity rebounds, but even with all the speculation, the on-chain data for the Shiba Inu token is remarkable.
