$SHIB Triggers 1,115% Netflow Surge as Whales Move, But Here's the Catch - Utoday Analytics

Irma - Aug 27 - - Dev Community

Shiba Inu (SHIB) has seen a 1,115% surge in large holder netflows over the last seven days, according to IntoTheBlock data. However, this spike is negative, indicating that whales are reducing their positions or selling instead of accumulating more SHIB. This comes as Shiba Inu faces profit-taking alongside the broader crypto market.

After reaching highs of $0.00001611 on August 24, Shiba Inu dipped, facing resistance at the daily SMA 50 of $0.0000154. The significant outflow from whale wallets suggests profit-taking as large holders adjust their positions in response to current market trends.

As the cryptocurrency market undergoes a phase of profit-taking, Shiba Inu is not exempt. At the time of writing, SHIB is down 1.82% in the last 24 hours, trading at $0.0000143. If today's trading closes in the red, it will mark Shiba Inu's third consecutive day of losses since August 24.

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