Bitcoin with a dog theme There has been a notable increase in netflows to Shiba Inu from whales or huge holdings.
Shiba Inu is reporting a 1,028% jump in Large Holders Netflow, which gives an indication of the shift in the positions of investors and whales holding more than 0.1% of the supply, according to IntoTheBlock statistics.
From 5.12 billion SHIB on December 31 to 4.26 trillion SHIB on January 1, large-holder netflows increased dramatically in a single day. This is advantageous since netflow spikes may be attributed to accumulation by whales or major participants.
Shiba Inu had a strong start to 2024, rising from lows of $0.0000107 on January 1 to intraday highs of $0.00001092 at the time of writing. SHIB had increased by 5% in tandem with the crypto market’s advance on January 2 before giving up part of its gains.
According to CoinMarketCap, SHIB was up 3% over the previous day at $0.00001077 at the time of writing. In tandem with the price hike, SHIB’s 24-hour trading volume has increased by 63% in the past day, with approximately $140.6 million worth of transactions.
Shibarium, the layer-2 of Shiba Inus, has grown remarkably in the last year (2023). With over 236 million transactions thus far in 2024, Shibarium is off to a great start. Shibarium’s total transactions have reached 236,444,608, as reported by Shibariumscan.
Additionally, there was notable advancement in SHIB burns in 2023. A staggering 76,403,022,296 SHIB tokens were burnt in 2023, according to SHIB burn. In terms of money, this was $688,907 in total.
Bulls should be wary of the SHIB price around $0.00001127 and $0.00001194 in order to initiate a new uptrend. SHIB may aim for the $0.000014 level in this case.
However, SHIB is supported strongly by the daily MA 50 at $0.00000954, which dampens further falls.
