- Large SHIB holders thrive in trading activity, but there’s a catch.
- Shiba Inu restores $0.000014 but faces a hefty resistance level.
- Several on-chain metrics hint at an ending profit-taking phase.
The general crypto markets are facing the whirlwinds of August’s crypto hurricane, which sent most of the major-cap altcoins to their monthly lows. Shiba Inu (SHIB), the second largest meme currency globally, also could not evade the bears this month, succumbing to a 15.9% deficit over the past 30 days.
SHIB’s 1,115% Uptick in Large Holder Netflow
Shiba Inu’s situation is slightly different from most meme coin peers, as SHIB faced a whopping 1,115% upswing in large holder netflow over the past seven days. Strikingly, according to the real-time data by blockchain analytics platform IntoTheBlock, there’s a huge discrepancy between large holder inflows and large holder outflows.
These circumstances usually hint at large SHIB holders reducing their stake, which could be attributed to profit-taking or breaking even. Retail SHIB holders share this sentiment. Judging by the combined liquidity book on Spot markets, Shiba Inu’s 24-hour sales outweigh bids by $1 million, $7.62M, and $6.62M, respectively.
Is SHIB Price Poised for Breakthrough?
After dropping to monthly lows of $0.00001107 on August 5, Shiba Inu’s move forward was initiated with a strong bounce the next day, approaching $0.000014. A few weeks later, SHIB partially recouped the $0.000016 benchmark, but the buying pressure wasn’t tough enough to keep it above this level.
SHIB ‘s price dropped by 15.9% monthly but remained bullish this Thursday, picking up 3.5% gains in the latest 24-hour window.
This has bumped SHIB into a crucial resistance cluster, where 495.68T Shiba Inu tokens are held between 109.43K addresses. Ranging from $0.000014 to $0.000019, this resistance level has a very evenly balanced profitable holder ratio, currently at 46% holders in the money and 52% having an unrealized deficit on their SHIB reserves.
If this price territory is cleared, SHIB’s selling pressure would theoretically lower, positioning Shiba Inu for the next leg up. However, a weekly close below $0.000014 could induce additional bearish hurdles even if the long-term holder count constantly increases.
According to the independent price aggregator CoinGecko, SHIB was worth $0.00001435 at the time of publication.
On the Flipside
- With a positive Chaikin Money Flow (CMF) index on the 1-hour charts, SHIB’s whales could contemplate a return.
- A steadily positive CMF index is strengthened by a large trading volume, signaling the start of an accumulation phase.
Why This Matters
Large holder net flows usually materialize in price fluctuations and play a pivotal role in forming sentiment.
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