SHIB Inflows Surge: Bull Run Imminent?
Shiba Inu (SHIB) experienced a significant surge in large holder inflows on May 7th and 8th, sparking speculation of an upcoming bull run. Data from IntoTheBlock reveals a dramatic increase: inflows jumped from 238.91 billion SHIB to 6.42 trillion SHIB on May 7th, a staggering 2,952% increase. This upward trend continued on May 8th, with net flow rising from 132.54 billion SHIB to 6.21 trillion SHIB—a massive 6,050% increase.
Whale Activity and Accumulation
This influx of SHIB into whale wallets—typically associated with institutional or high-net-worth investors—suggests large-scale accumulation. Whales often accumulate during price pullbacks, indicating potential longer-term confidence. This activity follows a period of low trading activity in early May.
SHIB Price Action and Technical Analysis
The increased inflows coincided with a price surge. SHIB rose from $0.00001274 to an intraday high of $0.00001408 on May 8th, representing an 11% increase. This upward movement occurred within a strengthening broader cryptocurrency market, with Bitcoin approaching the $102,000 mark. Resistance levels near $0.000015 are now key to watch. The 50-day Simple Moving Average (SMA) acted as support, and breaking through the resistance could signal further upward momentum. The 200-day SMA at $0.00001265 provides another significant indicator to monitor.
Derivatives Market and Trader Sentiment
Open interest in SHIB derivatives increased by 20.72% to $182.67 million, while trading volume surged by 81.79% to $167.61 million. This highlights increased participation from traders speculating on price movements. The number of short-term holders (less than 30 days) also grew by 6.66%, suggesting renewed interest from active traders. These factors may indicate increased volatility and potential price swings in the short term.
SHIB Burn Rate and Community Sentiment
The SHIB burn rate saw a dramatic increase. Shibburn reported over 15.8 million SHIB tokens burned in 24 hours, representing a 4,833.98% rise, primarily due to a single transaction. This reduction in circulating supply is a core component of SHIB's long-term strategy and is further bolstered by the Shibarium Layer-2 network, where transaction fees contribute to SHIB burning.
While Shiba Inu's marketing lead, Lucie, alluded to a potential 1000% price increase within three days (clarifying it as a personal statement, not a forecast), the community remains optimistic due to the combination of price increases, increased network activity, and whale interest. Current circulating supply stands at over 589 trillion tokens.
Codeum Note: Codeum offers comprehensive blockchain security and development services including smart contract audits, KYC verification, custom smart contract and DApp development, and tokenomics and security consultation. We partner with launchpads and crypto agencies to ensure the security and success of blockchain projects.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research and consider your own risk tolerance before making any investment decisions. Codeum is not responsible for any personal financial losses.