Big Moves: Shiba Inu's Whales Are Back in Action
Huge 643% Jump in Large Holder Netflows
Recently, there's been a massive 643% jump in large holder netflows for Shiba Inu, the popular dog-themed cryptocurrency. This means that "whales" are buying up a lot of Shiba Inu.
Why This Matters
When whales start accumulating, it usually means good things for the price.
Key Resistance Level
Right now, Shiba Inu is at a crucial point. It's testing a key resistance level at the 200-day simple moving average, which is around $0.00001371. To keep the bullish momentum going, it needs to break through this level and aim for $0.000016 and then $0.00002.
Recent Price Action
Shiba Inu has been on a bit of a rollercoaster lately:
- Dropped to a low of $0.0000116 on July 28.
- Started to bounce back on August 2.
- The rally picked up steam on August 6.
- Now sitting above the 50-day simple moving average at $0.00001277.
What's Driving This Activity?
One big factor could be the anticipation of altseason. Altseason is a period where alternative cryptocurrencies tend to perform really well. A team member recently hinted at an ultra-bullish market, which has everyone excited.
Is It Altseason Yet?
Not quite. The Altcoin Season Index is currently at 39, which is still in Bitcoin Season territory. For altseason to officially start:
- The index needs to cross 75.
- Bitcoin's dominance needs to drop below 60%.
Right now, Bitcoin dominance is around 61%, so we're getting close.