“Shiba Inu Witnesses Notable Surge in Net Inflows, Possibly from Whales or Large Holders”
Shiba Inu reported a staggering 1,028% surge in large whale inflows, indicating a potential shift in whale and investor positions, accounting for over 0.1% of the supply.
The net inflows for large holders surged from 5.12 billion SHIB on December 31 to 4.26 trillion SHIB on January 1 within a 24-hour window. This upsurge in net flows may signify accumulation from major players or whales.
Starting 2024 on a positive note, Shiba Inu climbed from its January 1 lows of $0.0000107 to its day high at $0.00001092 at the time of writing. In tandem with the broader cryptocurrency market rise on January 2, SHIB surged by 5% before retracing some gains.
As of this report, SHIB had seen a 3% increase over the past 24 hours to reach $0.00001077, according to CoinMarketCap. SHIB’s 24-hour trading volume rose by 63%, totaling over $140.6 million, aligning with the price surge.
Shiba Inu’s second layer, Shibarium, witnessed remarkable growth in the past year (2023). It kicks off 2024 strongly, with total transactions surpassing 236 million, as per Shibariumscan, reaching 236,444,608 in total transactions.
Regarding SHIB burns, 76,403,022,296 SHIB tokens were burned in 2023, amounting to $688,907 in cash value. Levels of $0.00001127 and $0.00001194 are significant thresholds for bulls to establish a new upward trend. In this scenario, SHIB might target the $0.000014 level.
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On the flip side, the 50-day Moving Average at $0.00000954 serves as robust support for SHIB, potentially mitigating further declines.
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