Shiba Inu (SHIB), a popular meme coin, has been on a steady price rise over the past week. This growth is largely due to buying activity from large holders, often called whales. Their consistent purchases are setting SHIB up for even more potential gains as it aims for a monthly high.
According to IntoTheBlock, SHIB has seen a 16% increase in netflow from its large holders recently. These are the addresses that hold more than 0.1% of the total supply of the coin. The netflow measures how many coins are bought versus how many are sold over a certain period.
When netflow goes up for these large holders, it means that more tokens are entering their wallets than leaving. This trend shows that these investors are confident and are accumulating the asset, which could indicate a positive outlook for its future value.
Additionally, SHIB's price surge has been supported by a decrease in overall selling activity. Many traders are hesitant to sell because they fear losing money. Data from Santiment reveals that many who sold their coins recently did so at a loss. This fear of losses is keeping many SHIB holders from selling, which is helping to push the price higher.
As of now, SHIB is trading at $0.000022. If selling pressure stays low and whales continue to accumulate, the price could break through the resistance level at $0.000026 and possibly reach a monthly high of $0.000033.
However, if traders start taking profits and selling pressure increases, SHIB might lose some of its recent gains and drop below $0.000021.