Shiba Inu Skyrockets 2,649% On-Chain as Price Makes Interesting Moves

Dog-themed cryptocurrency Shiba Inu has skyrocketed 2,649% in on-chain key metric that depicts net flows of large holders regarded as whales.

According to IntoTheBlock data, Shiba Inu is seeing a positive surge in net flows, up 2,649% in the week.

Large Holders Netflow provides an idea of the change in positions of whales, spikes in netflow can be seen as accumulation from these large players.

Shiba Inu was also demonstrating a significant surge in large holder inflows, which is up 3,835% in the last seven days, while outflows were also higher at 5,019% in this same time frame.

SHIB price rebounds

As Shiba Inus on-chain metrics skyrocket, its price has also begun to make intriguing moves. After days of declining, SHIB's price saw a sharp rebound in Friday's trading session, reaching highs of $0.00001819.

Shiba Inu was still sustaining its rebound till press time, up 2.23% in the last 24 hours to $0.00001764.

Shiba Inu's rise coincides with the general upturn in the crypto market, with Bitcoin surpassing $67,000 for the first time in more than a month.

Bitcoin's surge of almost 6% on Friday helped to lift the fortunes of smaller tokens such as Shiba Inu and Solana, which were all up nearly 5%.

As the scenario unfolds, analysts are closely monitoring key technical levels and trends to gauge whether SHIB will continue its upward trajectory or face a period of consolidation. Key factors to watch include the overall market sentiment, broader cryptocurrency trends and any forthcoming news related to Shiba Inu.

On the upside, a sustained breakout above the daily moving averages 50 and 200 at $0.00001916 and $0.00001974 might be the first sign of a bullish comeback. On the contrary, if the price slips, intermediate support is envisaged between $0.0000158 and $0.0000168.