March 17, 2024 at 02:33 AM GST



updated:
March 17, 2024 at 01:57 AM



2 mins read



News

  • Shiba Inu witnesses a significant surge in large holders’ net flow, indicating whale accumulation.
  • SHIB experienced a price decline over 48 hours amidst bearish sentiment in the broader crypto market influenced by inflation concerns.
  • Key price support for Shiba Inu is identified between $0.000026 and $0.000033.

Shiba Inu (SHIB) is currently witnessing a notable surge in the activity of its large holders, indicating significant movements among whales and investors. Notably, this increase in large holders’ net flows has coincided with a recent decline in the price of Shiba Inu.


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There is a remarkable 602% spike in the net flows of large holders within the Shiba Inu ecosystem, suggesting substantial activity among whales in acquiring tokens. This uptick in activity aligns with a recent downturn in the price of Shiba Inu. This downturn follows a broader market dip prompted by concerns over inflation and its potential impact on Federal Reserve policy.

At present, Shiba Inu is trading down 6.20% over the last 24 hours, with its price resting at $0.00002722, marking a continued decline from its recent highs observed on March 15th. The cryptocurrency has been steadily retreating from its peak of $0.000045 reached on March 5th, entering into a phase of range-bound trading.

Key price levels for Shiba Inu to maintain include the range between $0.000026 and $0.000033, where a significant volume of tokens has been accumulated by a substantial number of addresses. However, below this range, support appears relatively sparse, with minimal token accumulation noted. The strongest support levels for Shiba Inu lie within the range of $0.000008 to $0.000014, where a considerable volume of tokens has been amassed by a large number of addresses.

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