Shiba Inu (SHIB), a dog-themed cryptocurrency, has seen a startling 3,015% increase in large holder NetFlow, which provides insight into whales' changing positions. However, this impressive surge comes with a catch.
Shiba Inu's 3,015% Surge in NetFlow Sparks Concerns Over Whale Activity Amid Market Volatility
A good Net Flow usually indicates accumulation, with whales purchasing up SHIB coins, while a negative Net Flow can indicate reduced stakes or selling, as per U.Today.
According to IntoTheBlock statistics, Shiba Inu is experiencing a negative 3,015% NetFlow, indicating that whales may reduce their positions due to continuous market volatility.
The NetFlow surge is a double-edged sword. On the one hand, it indicates rising interest in SHIB since large investors transfer significant amounts of the token. On the other hand, it raises concerns regarding whales' placement. Are whales preparing for a sell-off or defending their holdings in response to market conditions?
The timing of this NetFlow rise is also interesting because Shiba Inu is in a strong battle at the daily SMA 50.
SHIB Faces Strong Resistance After Recent Surge, Struggles to Maintain Upward Trend
Recently, SHIB aficionados waited with bated breath as the token rose, only to encounter a hard obstacle at a key resistance level.
Shiba Inu experienced a tremendous rise on May 15, rising from a low of $0.00002286 to a high of $0.00002558, creating a gigantic green candlestick. SHIB maintained its increases to achieve highs of $0.00002589 on May 16, after which it was rejected due to the large barrier surrounding this area.
The resistance to the issue has proven to be a significant impediment to SHIB's price, which is battling to maintain its upward trend. Technical analysts who track SHIB's performance notice that the token's price has been seeking to break over this resistance for some days.
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