Bitcoin News Today: Shiba Inu Large Holder Netflows Surge 643% as Price Tests Key SMA Levels

Shiba Inu has experienced a significant surge in large holder netflows, rising by 643% in a short period, signaling increased accumulation by major token holders, often referred to as whales in the crypto space. This spike suggests a shift in sentiment, with large investors showing confidence in the asset’s potential as it navigates key technical levels [1]. The movement has occurred amid a crucial test of the 200-day simple moving average (SMA), currently at $0.00001371. A successful breakout above this level could position the token for further upward movement, with potential targets set at $0.000016 and $0.00002 [1].

The recent increase follows a period of stagnation in early July, during which Shiba Inu remained near the 200-day SMA and fell to as low as $0.0000116 over a seven-day span. Since early August, however, the price has shown signs of reversal, rising above the 50-day SMA at $0.00001277 and reaching an intraday high of $0.000014 by August 7. This upward momentum has coincided with a broader shift in market dynamics, as Ethereum’s price crossed above $4,200 for the first time since December 2021, a development that some analysts view as a potential precursor to an altseason [1].

An “altseason” historically refers to a market phase in which alternative cryptocurrencies outperform Bitcoin, often coinciding with a drop in Bitcoin’s market dominance. The CoinMarketCap Altcoin Season Index currently reads at 40, indicating that the market remains in a Bitcoin-dominant phase. To officially enter altseason, the index must surpass 75, a threshold that would signal a structural shift in investor behavior [1]. While this has not yet occurred, the conditions are beginning to align, with Bitcoin’s dominance currently at 59.3% and Ethereum showing signs of strength.

Within the Shiba Inu community, optimism is growing, with project team member Lucie expressing an ultra-bullish outlook for the token. Her comments suggest that a market accumulation phase may already be underway, following a historical pattern observed in August. Although altseason has not yet materialized, the market is showing early signs of shifting, with expectations building for a potential breakout in September [1].

The surge in large holder netflows and the token’s technical positioning indicate that Shiba Inu is currently in a critical phase of its price development. As whales continue to accumulate, and broader altcoin sentiment improves, the token’s performance will likely remain closely tied to both technical levels and macro-level market conditions in the coming weeks [1].

Source: [1] 643% Shiba Inu Spike: Why It's Significant (https://u.today/643-shiba-inu-spike-why-its-significant)