Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing an increase in activity, with large holder inflows skyrocketing by 473% this week, signaling increased interest from whales and institutional players.
Notably, large transaction volume, which signals whale activity, has increased 20% in the last 24 hours to $202.51 million. Shiba Inu experienced a jump in large holder inflows, which tracks funds moving into whale addresses during this time frame, rising from 1.17 trillion SHIB on Jan. 16 to 2.55 trillion SHIB on Jan. 17.
This surge in inflows correlates with the recent increase in Shiba Inu prices, just before profit-taking began. Shiba Inu saw a sharp price surge in yesterday's trading session, rising from a low of $0.000022 to $0.0000246. SHIB extended its surge on Saturday, reaching highs of $0.00002497 before backtracking.
At the time of writing, SHIB was down 4.73% in the last 24 hours to $0.00002302, reflecting the current profit taking in the market, which has seen $493 million wiped out in liquidations across various crypto assets, per CoinGlass data.
Bulls seek to defend 108 trillion SHIB
The current decline in the Shiba Inu price has brought it to the edge of a crucial price range where 108 trillion SHIB are being held by Shiba Inu addresses.
According to IntoTheBlock data , 108.19 trillion SHIB are being held by 115,240 Shiba Inu addresses in the range between $0.000019 and $0.000023.
The 108 trillion SHIB held at this key level serves as a key support for the Shiba Inu price, with bulls showing a strong determination to maintain it. This range has proven to be a floor for SHIB price since late December, halting further declines and fueling optimism for a potential rebound.
However, a breach below this level might result in a wave of selling pressure, causing SHIB to test the next support zone at $0.000014 and $0.000019. The next crucial resistance zones, however, are $0.000023 and $0.000025, where 77.61 trillion SHIB are held by Shiba Inu addresses, which, if surpassed, might pave the way for a bigger bullish breakout.
