SHIB price now surges as whale metric shows positive trends

The price of Shiba Inu (SHIB), a well-known meme-inspired cryptocurrency, has experienced a notable increase recently, reflecting a positive trend over the weekend.

The price of Shiba Inu (SHIB), a meme-inspired cryptocurrency, has risen notably in recent times, highlighting a positive trend over the weekend.

In the past few hours alone, SHIB has surged by over 5%, showcasing strong bullish sentiment among investors.

This surge is particularly noteworthy as the token consistently maintains a key price level of $0.00003, a critical milestone for traders in the market.

The fact that SHIB is holding above this price point suggests a lack of selling pressure, with many buyers showing interest in purchasing at these levels.

This bullish behavior is encouraging, setting the stage for potential further gains in the token’s value.

On-chain data further reinforces this optimistic outlook.

Recent figures from blockchain analytics firm IntoTheBlock indicate that net inflows of SHIB into the wallets of major holders, also known as whales, have skyrocketed by 106.3% in just the last 24 hours, reaching a staggering 708.93 billion tokens.

Over the weekend alone, these substantial holders, defined as entities holding at least 0.1% of the circulating supply, accumulated over 1.136 trillion SHIB, valued at approximately $34.08 million.

However, despite these promising trends, it’s crucial to note that overall activity in the market has shown some decline.

For instance, both the inflow and outflow of SHIB from whale wallets have decreased significantly over the past week, with a 75.21% reduction in inflow and an 81.8% decline in outflow.

This reduction suggests a temporary lull in trading engagement, leaving room for speculation on how market dynamics will evolve as activity picks up again.

Nevertheless, the impressive on-chain metrics highlight the strong interest and potential for continued growth in the SHIB ecosystem.