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The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) is showing a bit of appreciation today as it shines green over the weekend, even rising over 5% in the last few hours. The bigger picture reveals more encouraging details as the Shiba Inu token continues to quote the above-mentioned key price level of $0.00003.
The fact that the SHIB price continues to stay above this milestone from one side proves that there are no sellers willing to sell at these prices and many buyers willing to buy at these prices. Overall, this is bullish behavior that paves the way for the meme cryptocurrency to continue its ascent higher.
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Moreover, the on-chain data for the Shiba Inu token also looks healthy. According to data from IntoTheBlock, the net flow of SHIB into the wallets of major holders increased by 106.3%, reaching 708.93 billion tokens in the past 24 hours alone.
More to the point, over the past two days, just this past weekend, the net amount of Shiba Inu tokens added by those holding no less than 0.1% of the circulating supply totaled over 1.136 trillion SHIB, which is equivalent to approximately $34.08 million.
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This is not a peak in activity, however, as over the course of the entire week, both the inflow and outflow of SHIB from whale wallets decreased in volume by 75.21% and 81.8%, respectively.
It’s tempting to see how this dynamic will change as market engagement returns to full force, but even under current speculation, the on-chain numbers for the Shiba Inu token are impressive.
Source: https://u.today/shiba-inu-shib-price-spikes-as-key-whale-metric-turns-bullish