Whale netflows surge by 16%
Over the past week, Shiba Inu’s large holders’ netflows recorded a 16% hike, as per data from IntoTheBlock. This metric tracks the balance between the coins flowing into and out of wallets that hold over 0.1% of SHIB’s circulating supply, primarily whale addresses.
Source: IntoTheBlock
The chart highlighted significant net inflows early in the week, with these whale investors actively accumulating SHIB. However, a sharp decline in netflows towards the end of the week coincided with a gradual recovery in SHIB’s price.
The consistent accumulation by large holders is a bullish indicator, often signifying confidence in the token’s long-term prospects. This trend not only bolsters SHIB’s price momentum, but also sets the stage for potential upward movement, supported by the ongoing commitment of its whale investors.
Traders hold back on selling, aiding SHIB’s price rally
Source: Santiment
SHIB’s Network Realized Profit/Loss chart underlined a predominantly negative trend over the past week, suggesting that many traders who sold their holdings did so at a loss. This behavior, as seen across Santiment’s data, indicated reduced selling activity, driven by holders’ reluctance to lock in losses.
Consequently, this fall in selling pressure played a pivotal role in supporting SHIB’s recent price hike. By holding onto their tokens, investors have demonstrated confidence in SHIB’s potential for recovery, further fueling its bullish momentum.
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Shiba Inu price outlook: Monthly high in sight?
Source: TradingView
Shiba Inu’s press time price action pointed to a potential test of its $0.000033 monthly high. At press time, SHIB was trading at $0.00002433, maintaining bullish momentum despite slight consolidation. The RSI at 52.68 indicated moderate buying pressure, with room for further upside before entering overbought territory.
Additionally, the CMF revealed slight outflows with signs of improvement – A sign of renewed capital inflows.
If whale accumulation intensifies and selling pressure remains subdued, Shiba Inu could rally past the $0.000026 resistance and set sights on the $0.000033-mark. However, heightened profit-taking could reverse gains, leading to a potential drop below the $0.000021-support level.
