Shiba Inu has recently witnessed a significant increase in the net flow of large holders, shedding light on the shifting positions of whales and investors in the market.
Traditionally, whale accounts tend to accumulate assets during market downturns, and this trend appears to be unfolding for SHIB, with a notable surge in the net flow of large holders observed over the past week.
According to data from IntoTheBlock, Shiba Inu has experienced a remarkable 602% rise in the net flows of large holders, indicating a notable accumulation of tokens by whale investors. This strategic move aligns with a recent decline in the price of Shiba Inu, reflecting broader market bearish sentiment following a dip in Bitcoin and other cryptocurrencies spurred by a strong inflation report.
As of the latest data, SHIB has declined by 6.20% in the past 24 hours, trading at $0.00002722, marking a drop from its recent peak on March 15. The overall trend for Shiba Inu has been a gradual decline since hitting highs of $0.000045 on March 5, leading to a phase of consolidation within a specific price range.
To sustain its current price level, Shiba Inu must maintain support between $0.000026 and $0.000033, with a substantial volume of SHIB tokens being bought within this range by a significant number of addresses. Below this range, the support for SHIB is relatively weaker, highlighting the importance of consolidating within the established trading zone.
Notably, the strongest support for Shiba Inu lies between $0.000008 and $0.000014, where a substantial volume of tokens has been accumulated by a large number of addresses. While the market closely monitors the short-term price movements of SHIB, the prevailing scenario suggests a period of consolidation or range-bound trading before any significant price fluctuations occur.
