Data analytics provider IntoTheBlock just reported a 3,580% increase in Shiba Inu outflows from large crypto wallets. These massive token movements reflect surging whale activity within the ecosystem.
Specifically, outflows surged from 422 billion SHIB on February 7th to 2.31 trillion SHIB by February 9th. Another leap happened on February 11th, from 42 billion tokens to over 3.46 trillion.
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Such outflows generally show tokens getting moved off exchanges and going into private storage. This suggests investors aggressively accumulate SHIB in anticipation of substantial volatility or uptrends.
Most SHIB Holders Remain Out of Profit
Critically, most everyday SHIB investors haven’t yet turned positive on their holdings. Per IntoTheBlock, 63% of token holders sit in the red, compared to just 34% enjoying profits.
This lopsided distribution means the majority awaits higher prices before likely selling. So newfound whale interest could propel an intense SHIB run while retail holders support uptrends by holding onto tokens.
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A resistance Break Would Confirm a New Bull Market
Zooming out, Shiba Inu has traded downhill since peaking near $0.000011 on December 17th. However, its latest bounce has it sandwiched between key resistance and higher-low support, setting the stage for big moves.
If SHIB breaks above its horizontal ceiling at $0.00001 decisively, analysts expect confirmation of a new bull phase targeting long-term gains. The needed weekly close above that barrier would spark tremendous buying momentum.