In the last few days, the dog-themed cryptocurrency, Shiba Inu (SHIB), has experienced a stunning 1,590% increase in inflows from large holders, often called “whales.” These whales are individuals or entities holding a large amount of SHIB. Their significant activity is giving the SHIB price a much-needed boost.
According to data from IntoTheBlock, a leading blockchain analysis firm, there has been a massive surge in the amount of SHIB moving into addresses owned by whales. On May 15, the inflows were around 728.17 billion SHIB. By May 16, this number skyrocketed to 3.97 trillion SHIB.
What Does This Surge Mean?
Such a dramatic increase in whale inflows can mean two main things:
1. Buying Frenzy: Whales might be buying up large amounts of SHIB, possibly from centralized exchanges, and then moving their purchases to cold storage for safety. This is often a sign of confidence in the cryptocurrency’s future.
2. Price Bottom Indication: Spikes in whale activity can also signal that the price might be hitting a low point. Whales tend to buy large amounts when prices are low, anticipating future gains. This could be happening now as Shiba Inu battles to break through key price barriers.
Current SHIB Price Struggle
As of now, the price of SHIB has dipped by 2.5% over the past 24 hours, sitting at $0.00002472. The last three days have been particularly tough for SHIB’s price, with bulls (buyers) trying hard to push it past the daily Simple Moving Average (SMA) of 50, which stands at $0.00002524.
On May 15, bulls made a strong attempt to break this resistance but fell short, with the price closing lower. Despite this, they are not giving up. Currently, SHIB’s price has managed to hit intraday highs of $0.00002509, showing that the bulls are still in the fight.
Bulls’ Battle and Whale Influence
While the bulls work to lift SHIB’s price, they are also striving to defend the crucial level of 56.65 trillion SHIB. This is the amount held by 54,280 addresses in the price range of $0.000023 to $0.000026, with an average price of $0.000025.
The big question is whether the 1,590% surge in whale inflows will help SHIB break past the tough MA 50 barrier and change its price direction. Investors and enthusiasts are watching closely to see what happens next.
What’s Next for Shiba Inu?
The surge in whale activity is a positive sign for SHIB. It shows that large investors still believe in its potential and are willing to invest significant amounts. If SHIB can overcome the current resistance levels, it might pave the way for a new upward trend.
However, as always in the volatile world of cryptocurrencies, nothing is guaranteed. The coming days will be crucial for SHIB’s price movement. Whether the whales’ confidence translates into sustained price gains remains to be seen.
Stay tuned for more updates on Shiba Inu and other cryptocurrencies as the market continues to evolve.
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