Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 764% surge in large holder netflows, sparking speculation that whales may be making a comeback.
Large Holders Netflow provides insight into the change in the position of whales; a surge might indicate accumulation from large players, while drops point to reduced positions, or selling.
Blockchain data from IntoTheBlock reveals a significant increase in Shiba Inu's large holder netflows in the last 24 hours, skyrocketing from -31.22 billion SHIB to 1.07 trillion SHIB. This coincides with a massive surge in large holder inflows within the last 24 hours, from 497.49 billion SHIB to 1.67 trillion SHIB. In this time frame, Shiba Inu's large transaction volume, which is indicative of whale activity, surged 16% to $39.84 million.
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The spike both in large holder inflows and netflows as well as whale activity might indicate that whales may be once again back to accumulating SHIB, reflecting renewed confidence among large holders.
While netflows have increased, it is unclear whether this will result in a short-term breakout. In the meantime, traders are intently monitoring resistance levels and market sentiment to predict SHIB's next move. If whale accumulation continues, SHIB could be on the verge of another major price move.
SHIB price rebounds
At the time of writing, SHIB was up 4% in the last 24 hours to $0.000014 as the broader market continued to recover. Bitcoin surpassed $90,000, while Bitcoin Cash (BCH), Chainlink's LINK and Aptos' APT saw double-digit percentage rises.
SHIB/USD Daily Chart, Courtesy: TradingView
The U.S. dollar index fell to its lowest level since early November, which may have boosted cryptocurrency prices.
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Macroeconomic concerns have recently taken center stage, weighing on investor sentiment and pressuring risk assets like U.S. stocks and digital assets lower.
Shiba Inu started rebounding from lows of $0.0000121 on March 4 and would conclude its third day of gains if today concludes in the green. SHIB's price reached intraday highs of $0.0000138; on the upside, SHIB faces its next resistance at the daily SMA 50 at $0.00001679 and then at the daily SMA 200 at $0.0000192. On the downside, SHIB might test support at $0.0000116 if the price declines.
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