Shiba Inu, the meme-inspired cryptocurrency, has recently witnessed a significant surge in interest from large investors or “whales.”
These major players are often known for their strategy of buying up assets during downturns, and current trends suggest they are actively accumulating SHIB tokens.
Data from IntoTheBlock reveals an astonishing 602% increase in net flows from these large holders, indicating a pronounced buying spree coinciding with a recent drop in SHIB’s price.
Over the last 48 hours, Shiba Inu’s value has fallen, marking its second day of decline amidst a broader downturn in the cryptocurrency market.
This market-wide slump was influenced by a robust inflation report, leading to speculation that the Federal Reserve might delay any cuts to interest rates.
As a result, Bitcoin and other cryptocurrencies faced downward pressure, with SHIB experiencing a 6.20% decrease to $0.00002722.
This downturn extends its fall from a high of $0.0000327 on March 15, following an earlier peak of $0.000045 on March 5. Since then, SHIB has entered a phase of consolidation, trading within a specific price range.
Analysts point out the critical price range for Shiba Inu to maintain is between $0.000026 and $0.000033.
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This range is significant because 4,210 addresses purchased 61.06 trillion SHIB tokens at an average price of $0.00003 within it.
Below this zone, support is considerably thinner, with 9,100 addresses having bought 2.57 trillion tokens between $0.000025 and $0.000026.
The rapid rise of Shiba Inu at the start of March did not allow much time for establishing strong support levels in its current trading range.
The most substantial support for SHIB is found between $0.000008 and $0.000014, a zone where 439,510 addresses acquired 260.48 trillion tokens at an average price of $0.000010.
As the market watches closely, the immediate future for Shiba Inu likely involves continued consolidation or range-bound trading, setting the stage for the next significant price movement.
The actions of large holders and their continued interest in accumulating SHIB during its price dips underscore the dynamic nature of cryptocurrency markets and the strategic maneuvers of significant investors.
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