Shiba Inu, triggered a 570% increase in large owner inflows tracking funds going to whale addresses. Shiba Inu large owner inflows increased from 404.81 billion SHIB on April 11 to 2.66 trillion SHIB on April 12, according to IntoTheBlock data. This increase in inflow from large owners coincided with an increase in a key metric highlighting whale activity.
SHIB’s large trading volume increased by 276.25% in the last 24 hours. During this period, 8.63 trillion SHIB was transferred in large transactions. This corresponds to 212.56 million dollars in monetary terms. Increases in large trading volumes are likely to indicate high activity among institutional players or whales. There may be several scenarios that could explain the increase in large owner inflows. One possibility is an increase in purchasing activity by whales or large holders who transfer SHIB tokens to cold storage on exchanges before purchasing them.
Another scenario is that such entries often occur before price bottoms. This suggests that whales are taking advantage of the current market correction to buy SHIB at a discount. It is possible that this indicates that they are expecting a jump in prices.
The timing of the rise in key whale benchmarks is important as the market is experiencing a crypto crash with massive losses.
Shiba Inu Price Dropped 12%
As risk-off sentiment spreads from traditional markets to digital assets cryptocurrency Units fell towards the end of the week. The high CPI figure dashed hopes that the Fed would cut interest rates this year. In this context, it has raised concerns that progress in curbing rising prices may slow down. Bitcoin (BTC) and most cryptocurrencies are currently trading at losses. Shiba Inu also fell, recovering marginally after falling as low as $0.00002126 on Friday. At the time of writing, SHIB was at $0.0000244, down 11.16% in the previous 24 hours.
If declines continue, SHIB will find its next support in the $0.000019 to $0.000023 range. Here, 52,650 addresses purchased 44.79 trillion SHIB at an average price of $0.000022. If prices recover, SHIB will face its next resistance in the $0.000026 to $0.000030 range, where 100,700 addresses purchased 51.68 trillion SHIB at an average price of $0.000028.
