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Dog-themed cryptocurrency Shiba Inu (SHIB) It has seen an increase in outflows, sparking speculation about what may be driving this trend.
according to Data From IntoTheBlock, SHIB's outflows rose 883% in one week. This large movement saw an increase in significant outflows to shareholders from Sh647 billion on January 15 to Sh1.11 trillion on January 16. The rise in outflows during the week coincided with a significant sell-off, sending the chip down to lows of $0.0000196 as investors piled in. Take profits.
However, the increase in outflows over the past 24 hours is particularly interesting because it coincides with an increase in SHIB's price of approximately 10% over the same time frame.
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Normally, outflows may be accompanied by profit-taking or redistribution of funds by major shareholders, but the rise in prices in the last 24 hours indicates that strong demand may absorb this selling.
Despite increased outflows, the jump in the Shiba Inu price indicates strong buying pressure from other market participants, and retail investors or small whales are likely moving in to fill the gap. In this context, large flows of Shiba Inu shareholders, which indicate money entering whale addresses, have increased by 177% since the beginning of the week.
SHIB price action
Shiba Inu It saw a big jump in today's trading session, rising from the lows of $0.000022 and $0.0000246 and forming a large green daily candlestick in the process.
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At the time of writing, SHIB has risen 8.78% over the past 24 hours to $0.00002419, reflecting the overall recovery in the cryptocurrency market after a major sell-off earlier this week. The dog-themed cryptocurrency also rose 14% weekly. Key metrics such as trading volume and large shareholder transaction volumes, which indicate whale activity, have also increased, supporting the asset's upward trend.
The Shiba Inu started to rally after hitting support at the $0.0000196 low on January 13, and is now on track to see three out of four days in the green.
Going forward, a significant break above the daily 50 SMA at $0.00002482 could signal a new bullish high for the Shiba Inu, with targets at $0.00003 and $0.000033, or perhaps higher. If prices decline, the daily 200 simple moving average at $0.000019 is expected to provide significant support. The daily RSI above the midpoint shows a small advantage for the bulls.
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