Shiba Inu Surges 1590% in Key Metric

Shiba Inu (SHIB) Surges 1590% in Key Metric

Shiba Inu (SHIB), a cryptocurrency inspired by the popular dog breed, has witnessed a significant surge in token inflows into wallets held by large investors.

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According to IntoTheBlock's Large Holders Inflow data, this increase has reached an impressive 1,590% in the past 24 hours. Specifically, the amount of SHIB tokens entering these large wallets soared from 728.17 billion on May 15 to 3.97 trillion on May 16.

Shiba Inu Large Holder Inflows Surge Amidst Price Battle

A spike in Large Holders Inflows for SHIB often indicates significant buying activity among whales, who typically make purchases on centralized exchanges before transferring funds to cold storage. This influx can also suggest potential price bottoms, as whales often accumulate significant amounts of tokens following major price corrections.

Currently, SHIB is encountering resistance as it attempts to break above its daily SMA 50 at $0.00002524. Despite efforts by bulls to surpass this crucial level, SHIB's price closed lower after a recent push on May 15. Intraday highs reached $0.00002509 as bulls continue their efforts to drive prices higher.

While bullish momentum persists, efforts are also focused on maintaining support around the 56.65 trillion SHIB level, where the cryptocurrency is currently trading.

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Shiba Inu Holds Steady Amidst Whale Activity

According to IntoTheBlock, approximately 56.65 trillion SHIB tokens are held across 54,280 addresses, with prices ranging from $0.000023 to $0.000026 and an average price of $0.000025.

Investor attention is now focused on the next move for SHIB's price within the 56.55 trillion SHIB range, particularly its ability to surpass the significant MA 50 barrier. The recent surge of 1,590% in whale inflows raises questions about potential impacts on SHIB's price trajectory, prompting anticipation among market observers.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.