Shiba Inu has seen a surge in activity from large holders in its ecosystem. In the last week, both inflows and outflows have risen over 150%, indicating increased buying and faster selling rates.
Inflow-related transactions have increased by 150%, and outflow-related transactions by 165%. However, the tokens purchased had a larger quantity and weight, resulting in a positive net-flow figure.
The net-flow curve of Shiba Inu’s large holders has been steadily rising, indicating a buy-bias is forming. This is a crucial condition for a trend reversal. Currently, the net flow represents 118.7 billion SHIB tokens.
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Is Shiba Inu Facing Obstacles Ahead?
With the stars gradually aligning in favor of SHIB, can the token overcome its ongoing downtrend and experience a recovery rally in the near future?
Currently, there is significant resistance at SHIB’s current price level, with close to 250k addresses holding 263 trillion SHIB tokens in the range between $0.00001 and $0.000014.
If SHIB’s price rises and these holders break even, they may sell, adding bearish pressure to the price and limiting further upward movement.
On a positive note, there are two strong on-chain support levels at $0.000008-$0.00001 and $0.000006-$0.000008, which could limit SHIB’s losses.
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