Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a staggering 2025% surge in large holder inflows, signaling renewed interest from large holders, referred to as whales. This sudden spike has sparked speculation about what might be going on and what it means for SHIB’s next move.
According to IntoTheBlock data, Shiba Inu large holder inflows, which estimate the funds flowing into whale addresses, increased by 2025% this week, reaching 6.26 trillion SHIB on March 20.
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The increase in large-holder inflows may have two implications: large-holder inflows could indicate that considerable buying activity is taking place. This is the case because many of these addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage.
Spikes in Large Holders Inflows can also indicate price bottoms because whale addresses prefer to buy in large quantities after significant corrections, impacting inflows.
SHIB price action
At press time, SHIB was up 1.63% in the last 24 hours to $0.00001274 as several digital assets traded in the green, reversing Friday’s declines. Shiba Inu has largely traded in a range since its decline from a high of $0.00001382 on March 16.
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Since March 18, the range has tightened, with SHIB trading between $0.00001227 and $0.000013 as traders wait for the market’s next move. With renewed whale interest, all attention is focused on SHIB’s next resistance levels. If momentum continues, SHIB could see further gains, potentially testing key price targets shortly.
That said, a break above the 50 and 200 moving averages around $0.00001448 and $0.00001915 would be the first indicator of bulls’ recovery. In the case of a decrease, support is expected at $0.0000108, which stopped SHIB’s price drop on March 11.
