“Shiba Inu (SHIB) Witnesses Massive 1,275% Surge in Net Inflows: Here are the Key Factors”
Here is the professional version of the article in English:
Shiba Inu (SHIB), bearing the emblem of a dog, witnessed a massive 1,275% surge in net inflows of large holders by midweek.
An idea of the change in whale positions, or large holders, is gauged by measuring the volume of incoming flows minus outgoing flows for these addresses. Net inflows are accumulated by large players, or whales, while outflows indicate position decreases or selling.
In the case of Shiba Inu, the 1,275% increase in net whale inflows may indicate whale accumulation, accompanied by a rise in incoming flows. According to data from IntoTheBlock, Shiba Inu indicates a 677% increase in whale inflows for this week, reflecting strong buying activity.
Here is a potential interpretation:
The significant surge saw it reaching its highest levels at $0.00000966 over the weekend. Shiba Inu began recovering after hitting its lowest levels at $0.0000792 on November 9, prompting bulls to push towards the $0.000009 mark.
The price surge halted temporarily as bulls reached the $0.0000966 mark. Shortly after, Shiba Inu faced profit-taking, with the price ending in losses for three consecutive days, leading to a decline to the daily MA 200 level at $0.000008, where bulls gained momentum on November 10.
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The surge in net inflows may be due to whale accumulation for SHIB, as its price declined in hopes of acquiring it at a discounted price. Whales are often known to accumulate during downturns, and the significant increase in net inflows of large whales may indicate SHIB whales buying at the lower price and nearing key support, from which it rallied.
Despite the recovery, SHIB’s price remains in the red, as at the time of writing this report, it has decreased by 1% over the past 24 hours to reach $0.0000084.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
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