Shiba Inu (SHIB) has experienced a massive surge of 3,015% in large holder NetFlow, indicating significant movement of tokens among whales. However, this surge comes with a caveat. Typically, a positive NetFlow suggests accumulation, with whales buying more SHIB tokens, while a negative NetFlow could indicate reduced positions or selling. In this case, Shiba Inu is seeing a negative 3,015% NetFlow, suggesting that whales might be reducing their positions due to the current market uncertainty.
While this surge in NetFlow reflects increased interest in SHIB, it also raises questions about the whales’ positioning. Are they preparing for a sell-off or safeguarding their assets in response to market conditions? The timing of this NetFlow spike is particularly noteworthy as Shiba Inu battles against the daily SMA 50 resistance level.
Recently, SHIB experienced a significant surge on May 15 but faced a formidable barrier at a key resistance level. The token reached highs of $0.00002589 on May 16 but was rejected due to the massive barrier within this range. The daily SMA 50 at $0.00002487 has proven to be a tough nut to crack for SHIB’s price, which is currently struggling to maintain its upward momentum. Technical analysts monitoring SHIB note that despite multiple attempts to break through this resistance, the token has consistently closed lower, indicating a struggle between buyers and sellers.
At the time of writing, SHIB is down 0.40% in the last 24 hours, trading at $0.00002476.