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Dog-themed cryptocurrency Shiba Inu (SHIB) It has recently seen net flows to large holders rise, rising by a staggering 1,445%.
Specifically, net whale flows increased from 11.04 billion graylings on December 22 to 799.32 billion graylings on December 23, according to IntoTheBlock Data.
A positive increase in net flows is often associated with accumulation by large holders, while negative net flows are often interpreted as selling. However, the surge in net inflows from large owners has left the market anticipating what's next for the Shiba Inu.
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In the case of the Shiba Inu, the 1,445% rise coincides with significant activity among large whales. In the past 24 hours, SHIB's large transaction volumes rose by 265.28%, reaching $84.28 million.
Meanwhile, the price of the Shiba Inu has risen slightly over the past 24 hours, rising by 2.51% over the past 24 hours to trade at $0.0000222.
Will SHIB price follow?
Shiba Inu It has been fairly quiet in recent trading sessions, with minor price movements.
Since its sharp rebound from lows of $0.00001850 on December 20, the Shiba Inu has fluctuated in a range between its 50 and 200 daily moving averages at $0.0000256 and $0.0000187, respectively.
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The Shiba Inu recovery stalled at a high of $0.000024 on December 21, and the bulls will be looking to break above this level before moving to the next major resistance at $0.0000256, where the daily 50 simple moving average lies.
A successful breakout of this level could allow SHIB to test the $0.00003 level before reaching the $0.000033 barrier. On the downside, support is expected at $0.0000185, near the daily 200 simple moving average.
Going forward, it is unclear whether the rise in net whale inflows will lead to price action, but in the short term, the Shiba Inu's price path may be determined by the broader cryptocurrency market and investor sentiment.
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