The leading meme cryptocurrency Shiba Inu (SHIB) has seen a steady price rise over the past week. This price growth has been fueled by its accumulation by large holders, commonly known as whales.
This continued pressure has put Shiba Inu buying pressure on potential additional gains, as the coin is now looking to make a monthly high.
Shiba Inu sales fall, whale interest sparks rally
According to IntoTheBlock, Shiba Inu has seen a 16% increase in net inflow from its large holders over the past week. These are whale addresses that own more than 0.1% of the meme coin’s circulating supply. Their net inflow tracks the difference between the amount of coins they buy and the amount they sell over a given period of time.
When the net inflow of large holders of an asset increases, it means that more tokens are flowing into the portfolios of large investors or institutions than are flowing out of them. This trend indicates that these holders are accumulating the asset, indicating confidence in its future value.
The leading meme cryptocurrency Shiba Inu (SHIB) has seen a steady price rise over the past week. This price growth has been fueled by its accumulation by large holders, commonly known as whales.
Therefore, the desire to make gains on their investments prevented many Shiba Inu holders from selling, which contributed to the rise in its price.
This continued pressure has put Shiba Inu buying pressure on potential additional gains, as the coin is now looking to make a monthly high.
SHIB Price Prediction: Profit-taking May Cause a Pullback
At the time of publication, the meme coin is trading at $0.000022. If the selling pressure remains low and whales intensify their accumulation, the Shiba Inu price will break the resistance at $0.000026 and revisit the monthly high at $0.000033.
On the other hand, if traders start taking profits and selling pressure increases, Memecoin may lose its recent gains and drop below $0.000021.