Shiba Inno wheel inflows surged 2,952% as SHIB rose 11%, burn rate rose 4,834%, and open interest rose 20.72%.
Shiba Inu's inflows have grown sharply, with figures showing a 2,952 percent increase in large holder inflows.
According to IntoTheBlock, inflows increased from 238.91 billion SHIB to 6.42 trillion SHIB on May 7.
This indicates a sudden increase in purchasing activity from addresses classified as major holders.
Surge in Shiba Inu inflows Hints at Rally
According to the IntoTheBlock platform, a large increase in the number of whale addresses was observed.
These addresses typically represent institutional or high net worth investors. An increase in the influx of Shiba Inu entering these wallets often indicates massive accumulation.
On May 8, large holder net flows also increased from 132.54 billion SHIB to 6.21 trillion SHIB, an increase of over 6,050%.
Shiba inu inflows measure the difference between tokens entering and exiting whale wallets with a positive net flow indicating whales are increasing their holdings.
This Sheba inflow shift occurs after less activity in early May. Analysts often monitor these changes because the whales usually rally after a price decline. They often move their purchases to cold storage, reflecting long-term trust.
Shiba Inu Price Action and Technical Levels
After hovering around the daily simple moving average (SMA) of 50 for several days, $SHIB price has moved higher amid rising Shiba inu inflows.
The price rose from $0.00001274 on May 8 to $0.00001408. As of the latest update, SHIB was trading around $0.00001400, up 11% from the intraday high.
This increase came as the broader cryptocurrency market strengthened. The price of Bitcoin reached $102,000, which led to renewed interest in many assets. The SHIB move has focused on its resistance near $0.000015.
Traders are also looking at the SMA 200 at $0.00001265. If the price sustains above the SMA 50 and breaks past resistance, another upside move is possible. SMA 50 may act as a support in the short term if the momentum is sustained.
Derivatives market and short-term trader activity
Open interest in $SHIB derivatives rose 20.72% to $182.67 million. The trading volume also increased by 81.79% to 167.61 million dollars.
These figures suggest the increased participation of traders betting on price movements.
The number of short-term traders, those with less than 30 days, increased by 6.66%. This could suggest renewed interest from new or active traders. Analysts often track these trends to gauge volatility and potential price reversals.
Traders who enter during low volatility phases can push prices higher if momentum continues. If the SHIB price maintains the current level, short-term traders can influence future rallies.
Community Activity and SHIB Burn Rate
Shiburn reports that over 15.8 million $SHIB tokens have been destroyed in the past 24 hours. This represents a 4,833.98% increase in burn rate. Most of this was from a single transfer of 15.29 million tokens.
Token burns reduce the circulating supply. The SHIB team continues to promote its burn initiatives via the Shiberium Layer-2 network.
On Shibarium, every transaction uses BONE, and part of the fee is converted into SHIB and burned.
The Shiba Inno team shared that 30% of the gas fee is used to purchase SHIB and send it to burn addresses.
The circulating supply currently exceeds 589 trillion tokens. Burning is a primary strategy to regulate token supply.
Market sentiment and community statements
Lucy, Shiba Inu's marketing lead, made a public statement about a potential 1,000% increase in three days.
She clarified that this was a personal affirmation and not a prediction. “I told my boss and my cat,” Lucy jokingly wrote on social media.
Although such rapid growth in such a short period of time seems unlikely, the community responded enthusiastically.
The price would need to reach $0.000144628 for this claim to be true. At press time, SHIB remains below this level.
The price increase and network activity have led to a more positive community sentiment. With more whale interest, token burns, and increasing open interest, SHIB is gaining more attention throughout the crypto market.
#Shibarium #shiba⚡ #bullish #MarketSentimentToday #CryptoNewss