Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has experienced a massive 764% jump in large holder netflows. This surge has fueled speculation that whales are once again accumulating SHIB. Large Holder Netflow tracks changes in whale positions—rising netflows signal accumulation, while declining numbers suggest selling pressure.
Blockchain data from IntoTheBlock shows that Shiba Inu’s large holder netflows spiked from -31.22 billion SHIB to 1.07 trillion SHIB within 24 hours. Additionally, large holder inflows soared from 497.49 billion SHIB to 1.67 trillion SHIB during the same period. The increase in whale activity also led to a 16% jump in large transaction volume, reaching $39.84 million.
Whale Activity Signals Growing Confidence
The sharp rise in large holder inflows, netflows, and transaction volume suggests that whales are regaining confidence in SHIB. However, it remains uncertain whether this accumulation will lead to a significant price breakout in the short term.
Related article: SHIB Crashes 7.86% as Whales Dump Holdings – What’s Next?
Market participants are closely watching key resistance levels and overall sentiment to determine the next price movement. If whale accumulation persists, SHIB could be gearing up for another major rally.
SHIB Price Climbs as Market Recovers
At the time of writing, SHIB’s price has climbed 4% in the last 24 hours, reaching $0.00001344. This increase aligns with the broader crypto market rebound, as Bitcoin surpassed $90,000 and altcoins like Bitcoin Cash (BCH), Chainlink (LINK), and Aptos (APT) posted double-digit gains.
24- hour price chart. Source: CoinMarketCap
The weakening U.S. dollar index, which fell to its lowest level since early November, may have contributed to the overall rise in cryptocurrency prices. Macroeconomic concerns had previously pressured risk assets, including U.S. stocks and digital currencies.
Related article: Shiba Inu Burn Rate Sees Dip: What’s Next for SHIB?
Shiba Inu has been recovering from its recent low of $0.0000121 on March 4. If the price continues to rise, today would mark SHIB’s third consecutive day of gains.
Currently, SHIB faces resistance at the daily SMA 50 level of $0.00001679 and the daily SMA 200 at $0.0000192. On the downside, if selling pressure increases, SHIB could retest its support at $0.0000116.
