Shiba Inu (SHIB) saw a positive 1,058% increase in large holder net flows, signaling a significant shift in whale activity in the market. This increase is indicative of a broader accumulation trend by these large owners, often called “whales.” IntoTheBlock’s large holder net flow is a critical metric that provides insight into the change in whales’ positions. It is calculated by measuring the volume of inflows minus outflows for these addresses.
An increase in this metric could be interpreted as accumulation, while a decrease could mean selling or position reduction. In the case of the Shiba Inu, a 1,058% increase could indicate strong buying activity as the whales appear to be accumulating SHIB. Several factors may be contributing to this epic movement of SHIB whales. The recent price drop in SHIB may have provided a buying window for whales, allowing them to purchase significant amounts of SHIB at a discount.
This is common among large holders or whales who want to take advantage of market corrections to strengthen their positions. At the time of writing this news, SHIB decreased by 2.03% in the last 24 hours to $0.00002683. SHIB’s price continues to fall 14% weekly as investors book profits.
Key Levels to Watch for SHIB Price
As SHIB price aims for a new move after days of selling, the next price range the bulls will target will be the $0.000028 and $0.000030 levels, where 59,080 addresses bought 21.13 trillion SHIB at an average price of $0.000029. On the other hand, if declines continue and SHIB loses its current trading range, the next support range to emerge will be between $0.000019 and $0.000024, where 42.84 trillion SHIB was purchased by 70,370 addresses at an average price of $0.000022.
An Interesting Trend Has Been Detected
On-chain analysis firm IntoTheBlock, meme coin He identified an interesting trend that points to a large influx of new investors buying. This is because the number of addresses holding meme coins for less than 30 days reached a record level last month.
In this regard, Shiba Inu has seen a significant increase in total addresses, which represents all addresses ever created and is approaching the four million mark. IntoTheBlock data according toShiba Inu’s total address is currently 3.98 million.
