Shiba Inu, the dog-themed cryptocurrency, has experienced a remarkable on-chain surge of 2,649% in net flows from large holders. This surge indicates increased accumulation by these significant players. Additionally, Shiba Inu has witnessed a substantial increase in inflow from large holders, rising by 3,835% in the last week. Outflows have also seen a significant rise of 5,019% in the same period.
As Shiba Inu’s on-chain metrics continue to skyrocket, its price has started to exhibit intriguing movements. After a period of decline, the price of SHIB saw a sharp rebound during Friday’s trading session, reaching a high of $0.00001819. This upward momentum has persisted, with Shiba Inu’s price currently up 2.23% in the last 24 hours, amounting to $0.00001764.
The surge in Shiba Inu’s price aligns with the overall positive trend in the crypto market, as Bitcoin surpassed $67,000 for the first time in over a month. This upward movement in Bitcoin has had a spillover effect on smaller tokens like Shiba Inu and Solana, which have experienced approximately 5% gains.
Analysts are closely monitoring key technical levels and trends to assess whether SHIB will continue its upward trajectory or undergo a period of consolidation. Factors such as overall market sentiment, broader cryptocurrency trends, and any forthcoming news related to Shiba Inu will play a crucial role in determining its future. If the price manages to sustain a breakout above the daily moving averages at $0.00001916 and $0.00001974, it might signal a bullish comeback. Conversely, intermediate support is expected between $0.0000158 and $0.0000168 if the price experiences a decline.