Shiba Inu (SHIB) Triggers Enormous Netflow Surge as Price Surges 5%
Shiba Inu, a popular dog-themed cryptocurrency, is experiencing a significant increase in netflows, particularly from large holders or whales. According to IntoTheBlock data, there has been a staggering 1,028% spike in Large Holders Netflow, indicating a notable shift in positions among whales and investors holding over 0.1% of the token’s supply.
Within a span of 24 hours, large-holder netflows skyrocketed from 5.12 billion SHIB on December 31st to an astonishing 4.26 trillion SHIB on January 1st. This surge in netflow activity is interpreted as a positive sign, suggesting accumulation by influential players or whales in the market.
Shiba Inu has started the year 2024 on a positive note, with its price surging from lows of $0.0000107 on January 1st to intraday highs of $0.00001092 at the time of writing. Reflecting the overall rise in the crypto market on January 2nd, SHIB witnessed a 5% increase before retracing some of its gains.
As of now, SHIB’s price stands at $0.00001077, marking a 3% rise in the past 24 hours, according to CoinMarketCap. The token’s 24-hour trading volume has also increased by 63% in line with the price surge, surpassing $140.6 million worth of trades.
Shiba Inu’s layer-2 solution, Shibarium, has experienced remarkable growth in 2023, reaching a total of 236 million transactions. Shibariumscan reports that the platform’s total transactions have now surpassed 236,444,608.
The year 2023 was also marked by significant progress in SHIB burns, with an impressive 76,403,022,296 SHIB tokens burned throughout the year, amounting to $688,907 in monetary value.
In terms of price targets, key levels for SHIB bulls to overcome and initiate a fresh uptrend are $0.00001127 and $0.00001194, with a potential target at the $0.000014 level. On the downside, the daily Moving Average 50 at $0.00000954 serves as a strong support level, offering cushioning against further declines.
Overall, Shiba Inu’s recent surge in netflows, along with its positive price performance, indicate growing interest and involvement from influential players in the cryptocurrency market.