Dog-themed cryptocurrency Shiba Inu (SHIB) is showing bullish whale activity with large holder inflows, which estimates the funds entering whale addresses surging by 2,952%.
After stagnating since May's start, Shiba Inu sharply spiked in large holder inflows from 238.91 billion SHIB to 6.42 trillion SHIB on May 7, according to IntoTheBlock data.
A surge in Large Holders Inflows suggests two things: first, considerable buying activity is taking place. This is the case because many of these addresses buy on centralized exchanges and subsequently transfer their purchases to cold storage.
Spikes in Large Holders Inflows can also signal price bottoms, as large holder addresses tend to buy in size following significant drops.
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Other whale measures have risen; the Large Holder Netflow metric, which provides an estimate of the change in position of whales, increased by up to 6050%, highlighting a shift in large holder behavior. Large Holder Netflows soared from 132.54 billion SHIB to 6.21 trillion SHIB on May 7, following a period of stagnation at the beginning of this month.
Major move ahead?
Shiba Inu sharply rose in the early Thursday session after three days of flat price action near the daily SMA 50 at $0.00001274.
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Shiba Inu surged from this level, the daily SMA 50, to intraday highs of $0.00001367 on Thursday. At press time, SHIB was up 6.78% in the last 24 hours to $0.00001366, mirroring the rise in the broader crypto market, which saw Bitcoin approach the $100,000 mark for the first time since February.
In the coming sessions, the resistance range above $0.000015 will be watched if Shiba Inu continues to rise. If this is decisively breached, Shiba Inu may target the daily SMA 200 at $0.00001273 next. If surpassed, Shiba Inu may start the next leg of its uptrend.
Eyes will be on the daily SMA 50 as well to see if SHIB would flip it into support and hence sustain its upward momentum.
