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The Popular Meme-Inspired Cryptocurrency Shiba Inu (SHIB) continued to make waves throughout the weekend. This time the reason is what is happening on the SHIB price chart and what is happening behind the scenes – in on-chain reality. According to In the blockmajor holders of the Shiba Inu token increased their holdings by over 1 trillion in the last 24 hours.
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And that’s the number of net inflows, but if we look at the measure of large holder inflows, it turns out that the inflows are even larger, amounting to $1.98 trillion. Consequently, the number of SHIB net inflows to wallets holding at least 0.1% of circulating volume increased by 84.4%.
Shiba Inu (SHIB): price review
Meanwhile, over the past 24 hours, the Shiba Inu token price showed growth of 19.2%. In particular, the price rally occurred in early December, with a rapid rise towards the strong resistance level at $0.0000296. Although it was not broken on the first try, buyer power eventually helped SHIB break through it and find a local high at $0.0000317, turning this resistance into support.
If the Shiba Inu token stays above this important price line, the market will get confirmation of bullish buying interest here, which eventually opens up the possibility for SHIB to test the bears somewhere higher.
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What came first, SHIB price growth or whales buying the meme-inspired coin, is an open question. The fact remains that, like the price of Shiba Inu The token started to rise, large investors accelerated their purchases. The coming week will show whether this convergence will continue.