Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a remarkable surge in large holder inflows, signaling significant buying activity from whale-owned addresses. This surge in inflows coincides with a notable price breakout, attracting attention from the market.
Large Holders’ Inflows are an important indicator of buying activity as many of these addresses purchase on centralized exchanges before transferring their assets to cold storage. According to data from IntoTheBlock, Shiba Inu has seen a staggering 924.75% increase in large holder inflows this week, skyrocketing from 603.55 billion SHIB on September 25 to 3.79 trillion SHIB on September 26.
After a period of consolidation, SHIB’s price has broken through critical resistance levels, indicating a bullish trend. This breakout has been supported by increased buying pressure from both retail and institutional investors, fueled further by whale activity. In the last 24 hours, Shiba Inu has witnessed a 372.6% surge in large transaction volume, amounting to $169.27 million or 9.07 trillion SHIB in crypto terms.
Shiba Inu Soars to Fresh Highs Amid Whale Activity Surge
Shiba Inu’s price surge continued in today’s trading session, with the cryptocurrency reaching highs of $0.00001976. At the time of writing, SHIB was up 17% in the last 24 hours, trading at $0.00001974. Santiment reports that Shiba Inu’s rally to a 10-week price high is driven by significant trading volume, token circulation, and whale transactions.
Over the past nine days, Shiba Inu has surged 43%, with on-chain activity surpassing that of other altcoins and meme coins. Alongside the increase in volume, circulation, and whale transactions reaching 10-week highs, there has also been a rise in social dominance. This suggests a high level of FOMO (Fear Of Missing Out) for SHIB at present, potentially indicating a local peak.
Santiment recommends that for SHIB to surpass its $0.000043 year-high set in February, traders should wait for the highly bullish narratives to slightly calm down.
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