Shiba Inu inflows have surged sharply, with data showing a 2,952% increase in large holder inflows. According to IntoTheBlock, inflows rose from 238.91 billion SHIB to 6.42 trillion SHIB on May 7. This indicates a sudden rise in buying activity from addresses classified as large holders.
Surge in Shiba Inu inflows Hints at Rally
According to the IntoTheBlock platform, whale addresses saw a major spike in inflows. These addresses typically represent institutional or high-net-worth investors. The increase in Shiba inu inflows entering these wallets often signals large-scale accumulation.
On May 8, the large holder netflow also rose from 132.54 billion SHIB to 6.21 trillion SHIB which is an increase of over 6,050%. Shiba inu inflows measure the difference between tokens entering and exiting whale wallets with a positive netflow suggesting whales are increasing their holdings.
This Shiba inu inflows shift follows a period of low activity during early May. Analysts often monitor these changes because whales usually accumulate after price pullbacks. They often transfer their purchases to cold storage, which reflects longer-term confidence.
Shiba Inu Price Action and Technical Levels
After staying near the daily Simple Moving Average (SMA) 50 for several days, the SHIB price has moved upward amid the increasing Shiba inu inflows. The price rose from $0.00001274 to an intraday high of $0.00001408 on May 8. As of the latest update, the SHIB price was trading around $0.00001400, an 11% surge from the intra-day high.
This increase came as the broader cryptocurrency market gained strength. Bitcoin price approached the $102,000 mark, leading to renewed interest across many assets. SHIB’s move has placed attention on its resistance near $0.000015.
Traders are also watching the SMA 200 at $0.00001265. If the price maintains above the SMA 50 and breaks past resistance, another upward move is possible. The SMA 50 may act as support in the short term if momentum holds.
Derivatives Market and Short-Term Trader Activity
Open interest in SHIB derivatives rose 20.72% to $182.67 million. Trading volume also increased by 81.79% to $167.61 million. These figures suggest growing participation from traders betting on price movements.
The number of short-term traders, those holding less than 30 days, increased by 6.66%. This could suggest renewed interest from new or active traders. Analysts often track these trends to anticipate volatility and potential price swings.
Traders entering during low volatility phases may push prices higher if momentum continues. If SHIB price maintains current levels, short-term traders may influence future rallies.
Community Activity and SHIB Burn Rate
Shibburn reported that over 15.8 million SHIB tokens were destroyed in the past 24 hours. This represented a 4,833.98% rise in the burn rate. Most of this was from a single transfer of 15.29 million tokens.
Token burning reduces the circulating supply. The SHIB team continues to promote its burn initiatives through the Shibarium layer-2 network. On Shibarium, each transaction uses BONE, and part of the fee is converted to SHIB and burned.
The Shiba Inu team shared that 30% of the gas fees are used to buy SHIB and send it to burn addresses. The circulating supply currently stands at over 589 trillion tokens. Burning remains a core strategy to manage token supply.
Market Sentiment and Community Statements
The Shiba Inu marketing lead Lucie, made a public statement about a possible 1,000% increase in three days. She clarified that this was a personal affirmation and not a forecast. “I told my boss, and my cat,” Lucie wrote, jokingly, on social media.
Though such a sharp increase seems unlikely in such a short time, the community responded with enthusiasm. The price would need to hit $0.000144628 for this claim to come true. At press time, SHIB remains below that level.
The community sentiment has grown more positive due to price increases and network activity. With higher whale interest, token burns, and rising open interest, SHIB is gaining more attention across the crypto market.
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