According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a significant 3,015% surge in large holder NetFlow, indicating a change in the positions of large investors, also known as whales. However, this surge comes with a caveat. A positive NetFlow typically suggests accumulation, where whales are buying up SHIB tokens. Conversely, a negative NetFlow can imply reduced positions or selling. Data from IntoTheBlock shows that Shiba Inu is experiencing a negative 3,015% NetFlow, suggesting that whales might be reducing their positions due to ongoing market uncertainty.
This surge in NetFlow is a double-edged sword. While it reflects increased interest in SHIB as large holders transfer substantial amounts of the token, it also raises questions about the positioning of these whales. Are they preparing for a sell-off or protecting their assets in response to market conditions? The timing of this NetFlow spike is particularly significant as Shiba Inu faces a challenging battle at the daily simple moving average (SMA) 50.
Recently, SHIB enthusiasts watched as the token surged, only to face a formidable barrier at a key resistance level. Shiba Inu saw a massive surge on May 15, surging from lows of $0.00002286 to highs of $0.00002558. SHIB sustained its gains to reach highs of $0.00002589 on May 16, after which it faced rejection due to the massive barrier around this range. The resistance in question has proven to be a significant barrier to SHIB's price, which is currently struggling to maintain its upward momentum. Technical analysts closely monitoring SHIB's performance note that the token's price has been attempting to break through this resistance for several days. The resistance level, identified by the daily SMA 50 at $0.00002487, has been challenging to overcome. Despite several attempts by the bulls to push the price beyond this level, SHIB has continually closed lower, signaling a tug-of-war between buyers and sellers. At the time of writing, SHIB was down 0.40% in the last 24 hours to $0.00002476.