Exciting moments continue to occur in the cryptocurrency market, especially the dramatic price increase of the Shiba Inu early on Saturday, which is one of the events followed closely by the crypto community. The intraday highs of $0.00000966 stand out as a reflection of the Shiba Inu’s efforts to overcome the daily MA 200 barrier of $0.00000805 that it encountered last week. The strong performance of the bulls the previous day allowed the Shiba Inu to break above this resistance level.
The process of turning this important resistance level into support demonstrates the Shiba Inu’s desire to maintain a strong stance against possible declines in the market. However, further momentum may be required for this support level to become permanent.
Shiba Inu’s next target is set at $0.00001134, which is where the bulls focus. If this target is successfully exceeded, a potential zero-clearance movement in the price of the Shiba Inu could come into play. However, to achieve this goal, it is critical that the overall atmosphere in the market is positive and the bulls exhibit strong momentum.
In addition, SHIB also attracted attention with strong fund flows from whales this week. According to data provided by IntoTheBlock, the Shiba Inu is performing exceptionally well with a recent 627% increase in major investor inflows. This increase reflects the significant increase in transfers of the crypto asset to the addresses of major investors over a certain period of time.
Large Investor Entry typically involves large-scale transfers by whales to increase their holdings or take new positions. Such transfers are considered an indicator of confidence and interest in the market and often have a significant impact on asset prices. Shiba Inu’s massive 627% increase in investor inflows may reflect confidence in the crypto community’s growing interest in this asset.
Since whales tend to buy in bulk following major corrections in the market, sudden increases in such investor inflows may indicate that prices have reached a bottom. These strong large investor inflows shown by Shiba Inu show that large players are actively pursuing a strategy to strengthen their positions during periods of market weakness.
The increase in SHIB price appears as a positive reaction to these large investor inflows. However, the nature of the cryptocurrency market is volatile, which always encourages investors to be cautious. In addition to price movements, factors such as the basic elements of the project, ecosystem and future plans should also be evaluated.
Shiba Inu achieved new successes this week
Shiba Inu announced the first issue of The Shib Magazine this week, as well as a great gift for early subscribers: 1,000 free NFTs of the first print cover.
This cutting-edge publication aims to provide exclusive information on the latest updates and developments within SHIB and the Shibarium ecosystem, as well as the broader crypto industry.
The SHIB team also shared exciting news about the SHIB wallet, which adds a new and unique feature that helps users recover their wallets even if they have forgotten their initial word.
You can follow the current price movement here.