Shiba Inu Cryptocurrency Witnesses Massive Inflow From Large Holders

According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a significant increase in large holder inflows, with a surge of 1,590%. This increase is attributed to the activity of 'whales', individuals or entities that hold substantial amounts of SHIB. Data from IntoTheBlock reveals that the Large Holders Inflow, which monitors the funds moving into addresses owned by whales or large holders, has risen by 1,590% due to a significant surge in the last 24 hours. Large holder inflows rose from 728.17 billion SHIB on May 15 to 3.97 trillion SHIB on May 16.

An increase in Large Holders Inflows often suggests two possibilities. Firstly, it could indicate significant buying activity, as many whale addresses typically purchase on centralized exchanges and then transfer their purchases into cold storage. Secondly, spikes in large holder inflows can signal price bottoms, as whale addresses tend to buy in bulk following significant corrections. Both scenarios could be possible as Shiba Inu's price grapples with key resistance.

At the time of writing, SHIB was down 2.5% in the last 24 hours to $0.00002472. The past three days have seen a struggle for the SHIB price, with bulls consistently trying to exceed the daily SMA 50 at $0.00002524. Attempts by Shiba Inu bulls to break through this crucial resistance on May 15 were unsuccessful, with the SHIB price closing lower. However, bulls are still making another attempt, with SHIB's price reaching intraday highs of $0.00002509.

While bulls are striving to push the SHIB price higher, they are also making desperate moves to maintain the 56.65 trillion SHIB level where the cryptocurrency currently trades. IntoTheBlock data shows that 56.65 trillion SHIB are held by 54,280 addresses in the range of $0.000023 to $0.000026 at an average price of $0.000025. As such, all eyes are on Shiba Inu's next price direction in the context of the 56.55 trillion SHIB range and a break above the tough MA 50 barrier. The impact of the 1,590% surge in whale inflows on the SHIB price remains to be seen.