In a surprising development, Shiba Inu (SHIB) saw essentially no change in the last seven days in large holder inflows, an indicator that tracks the funds going into addresses belonging to either whales or large holders.
According to data from IntoTheBlock, SHIB's large holder inflows recorded a mere -0.10% change over the past week, with the actual explanation for the drop unknown.
The most notable drop was on June 5, when large holder inflows plunged from 3.07 trillion SHIB on June 4 to just 287.97 billion SHIB — a sharp over 90% decline in just 24 hours.
The decline coincides with a drop in Shiba Inu prices earlier this week, with SHIB falling from a high of $0.00001345 on June 3 to a low of $0.0000119 on June 5.
However, the fact that SHIB only saw a -0.10% change, despite the June 5 dip, suggests that some stability may be returning. This could imply the decline was possibly a reaction to short-term volatility in the broader crypto market.
Shiba Inu whales in observation mode
Shiba Inu large holder outflows, which denote funds moving out of whale addresses, showed a negative change of -55% in the last seven days, signaling whales might be in observation mode but with little accumulation, while large holder netflows increased by 67% during the same period.
This could simply be a pause before the next move, especially as the market digests macroeconomic signals and broader sell-offs.
Shiba Inu returned to a support level of $0.0000119 on Friday after a three-day fall due to market uncertainty. Positive momentum was sustained during the early Saturday session. As of this writing, SHIB was up 3.10% in the last 24 hours to $0.00001282 and 3.70% weekly.
On the upside, Shiba Inu would face an immediate barrier at $0.00001389, which coincides with the daily SMA 50, ahead of the daily SMA 200 at $0.00001745.
