Dog-themed cryptocurrency Shiba Inu (CRYPTO: SHIB) has seen a massive 643% increase in large holder netflows.
What Happened: According to data from IntoTheBlock, this surge indicates a bullish shift among the large holders or ‘whales’ of Shiba Inu. A rise in large holder netflows typically signifies accumulation from these whales, which remains a positive sign.
This surge comes at a crucial time for Shiba Inu as it faces a significant test in its market momentum. The cryptocurrency is currently testing resistance at the 200-day SMA, currently at $0.00001371.
To advance its bullish momentum, it needs to surpass this level and reach $0.000016 and then $0.00002.
As per the data, after a seven-day drop to hit a low of $0.0000116 on July 28, Shiba Inu has rebounded since Aug. 2. The rally gained momentum on Aug. 6, with Shiba Inu managing to secure a position above the 50-day SMA at $0.00001277.
Also Read: Dogecoin Set To Soar 2,600% and Hit $1 Trillion Market Cap, Says This Crypto Analyst
Shiba Inu team member Lucie recently predicted an ultra-bullish market as the cryptocurrency world anticipates altseason, a period where alternative cryptocurrencies or altcoins outperform with large price jumps.
