CryptocurrencyPrice AnalysisShiba Inu (SHIB)

Shiba Inu: Are SHIB Whales Liable for the Latest Upswing?

The Shiba Inu community entered a celebratory mood again following the impressive growth the canine-themed crypto recorded this week. SHIB’s market cap climbed past $6B. The attractive increase allowed the meme token to outshine Avalanche and Polygon blockchains.

Shiba Inu confirmed it may still ensure massive demand after slightly dropping beneath the $0.0001 value area again. Its price movements have hovered around the 50-day MA for the past few days, and the recent upswing saw it moving beyond this moving average. While publishing this content, Shiba Inu traded at $0.00001071, whereas the RSI (Relative Strength Index) sways along the neutral level.

Shiba Inu’s price movement has been printing higher price levels. And that signals improved demand. Moreover, the MFI (Money Flow Index) highlighted massive accumulations, confirming the observation. Such developments triggered enthusiasm within the crypto community.

Something Bigger on the Way?

SHIB’s accumulation and price surge aligned with the increased balances seen in the leading addresses. These investors increased their holdings by 0.32% from June 6 to June 9. Though the percentage change appears small, it shows an immense surge in accumulated tokens.

Whale transaction index shows large wallets actively scooping SHIB surged. That shows the general sentiment improving in the upside favor. Meanwhile, such observations match the increased exchange outflows than inflows, especially within the past three days. Exchange outflows hit a 194 billion high as inflows peaked at 64.17B SHIB on July 13. Similar tendencies emerged on July 14 when outflows soared to 159.39 billion tokens while inflows stood at the 101.5 billion peaks.

Shiba Inu saw its exchange outflows peak near 171.52B SHIB, with outflows standing at 66.06B tokens on July 15. That reflects token accumulation by addresses with 10,000 to 10M tokens. Nevertheless, SHIB addresses holding over ten million coins stayed flat.

SHIB and Bulls

Shiba Inu might be braced for more uptrends in the upcoming few days, with nearly all whale cohorts adding their balances. That also translates to surged possibilities of overcoming some leading projects in the game. Nevertheless, investors should navigate the markets with caution. The meme coin will see profit-booking as it seeks more upside.

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