Cover image via U.Today

Shiba Inu, a cryptocurrency based on a dog theme, has observed a remarkable 1,058% rise in large holder netflow, symbolizing a significant change in whale activity in the cryptocurrency market. This increase suggests a trend of accumulation among these substantial holders, commonly known as "whales."

The large holder netflow, obtained from IntoTheBlock, is an essential metric that offers insights into the alterations in the positions of whales. It is determined by comparing the volume of inflows against outflows for these specific addresses.

A surge in this metric typically indicates accumulation, while a decline may imply selling or reduced positions. In the case of Shiba Inu, the substantial 1,058% escalation indicates strong buying activity, implying that whales are amassing SHIB.

Multiple factors may explain this significant move by SHIB whales. The recent drop in SHIB prices could have provided whales an opportunity to secure substantial amounts of SHIB at a discounted rate. This behavior is common among whales aiming to leverage market corrections to fortify their holdings.

Currently, SHIB has decreased by 2.03% in the last 24 hours to $0.00002683. The weekly change shows a 14% decline as investors seek to capture profits.

Key Price Levels to Monitor for SHIB

As the SHIB price prepares for a potential upward movement following days of decline, the next price targets for bullish traders would be within the $0.000028 and $0.000030 range. In this range, 59,080 addresses purchased 21.13 trillion SHIB with an average price of $0.000029.

On the downside, if declines persist and SHIB breaks its current trading range, the next support region to watch out for lies between $0.000019 and $0.000024. Within this range, 70,370 addresses bought 42.84 trillion SHIB at an average price of $0.000022.

Noteworthy Trend Identified

IntoTheBlock, an on-chain analytics firm, has detected an intriguing pattern indicating a significant influx of new traders purchasing meme coins. This surge is highlighted by the record-high number of addresses holding meme coins for less than 30 days in the past month.

Shiba Inu, specifically, has witnessed a substantial growth in total addresses, nearing the milestone of four million total addresses. Based on IntoTheBlock's data, Shiba Inu presently boasts 3.98 million total addresses.