Shiba Inu, a cryptocurrency with a dog theme, is witnessing an astounding 671% increase in big holder inflows, a measure that measures the money coming into whale addresses, according to IntoTheBlock statistics.
Increased big holder inflows might be a sign of significant purchasing activity. This is the situation due to the fact that a large number of these addresses make purchases on centralised exchanges before transferring them to cold storage. Because these addresses like to buy in bulk following substantial declines, spikes in large holder inflows may also signal market bottoms.
The surge in large holder inflows comes at a time when SHIB’s price is teetering on the edge of a major breakout. At the time of writing, SHIB was up 8.36% in the last 24 hours to $0.00001548. Shiba Inu was also up 17% weekly.
The broader cryptocurrency market rose drawing from the Fed’s rate cut signals, with many digital assets seeing gains. Shiba Inu has benefited from this overall positive sentiment, posting gains in the last 24 hours.
SHIB price on verge of major breakout
In recent weeks, Shiba Inu has been moving in a narrow range, creating pressure that many experts think may soon be released in the form of a significant price breakout. The market is expecting a significant increase, which has only fuelled speculation given the recent spike in inflows.
Technical experts are keeping a careful eye on key resistance levels since a breach of them might lead to a surge of buying and raise the price of SHIB.
In this instance, a critical level to keep an eye on is the daily SMA 50, which is presently around $0.00001561, which has kept SHIB back since mid-April.
After yesterday’s spike, Shiba Inu is once again testing this crucial level; during today’s trading session, the price reached a high of $0.00001533. Shiba Inu may target the daily SMA 200 at $0.00002 and $0.00003 levels, respectively, in the case of a persistent violation.
Shiba Inu is poised for a significant price breakout, thus the next few days might be critical in deciding the token’s short-term course. Should the bulls in SHIB fail to maintain a price breakthrough, $0.000010 is expected to provide support.
