Net whale flows increase by 16%
Over the past week, net flows from large Shiba Inu holders saw a 16% increase, according to data from In the block. This metric tracks the balance of coins entering and exiting wallets that hold more than 0.1% of the circulating supply of SHIB, primarily whale addresses.
Source: In the block
The chart highlighted significant net inflows early in the week as these whale investors actively accumulated SHIB. However, a sharp drop in net flows towards the end of the week coincided with a gradual recovery of SHIB price.
Steady accumulation by large holders is a bullish indicator, often signifying confidence in the token’s long-term prospects. This trend not only strengthens SHIB’s price momentum, but also sets the stage for a potential upward movement, supported by the continued commitment of its whale investors.
Traders refrain from selling, contributing to rising SHIB prices
Source: Santiment
The profit/loss chart on SHIB’s network highlighted a mostly negative trend over the past week, suggesting that many traders who sold their holdings did so at a loss. This behavior, as Santiment data shows, indicates reduced selling activity, driven by holders’ reluctance to lock in their losses.
Therefore, this decline in selling pressure has played a central role in supporting SHIB’s recent price rally. By holding on to their tokens, investors demonstrated their confidence in SHIB’s recovery potential, further fueling its bullish momentum.
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Shiba Inu Price Outlook: Monthly High in Sight?
Source: TradingView
Shiba Inu price action at press time indicated a potential test of its monthly high of $0.000033. At press time, SHIB was trading at $0.00002433, maintaining bullish momentum despite slight consolidation. The RSI at 52.68 indicates moderate buying pressure, with room for further upside before entering overbought territory.
Furthermore, the CMF revealed slight capital outflows with signs of improvement – a sign of a resumption of capital inflows.
If whale accumulation intensifies and selling pressure remains moderate, Shiba Inu could break above the $0.000026 resistance and target the $0.000033 mark. However, increased profit-taking could reverse the gains, leading to a potential fall below the $0.000021 support level.