The popular meme-inspired cryptocurrency Shiba Inu (SHIB) continued to make waves over the weekend. This time, the reason lies in what is happening on the SHIB price chart and what is happening behind the scenes – in reality, on-chain. According to IntoTheBlock, major holders of the Shiba Inu token have increased their holdings by more than 1 trillion in the last 24 hours.

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And that is the net inflows number, but if we look at the Large Holders Inflow metric, it turns out that the inflows are even larger, amounting to $1.98 trillion. As a result, the number of SHIB net inflows to wallets holding at least 0.1% of the circulating volume increased by 84.4%.

Shiba Inu (SHIB): Price Check

Meanwhile, the price of the Shiba Inu token saw a 19.2% increase in the last 24 hours. The price increase occurred particularly in early December with a rapid rise to the strong resistance level at $0.0000296. Although it failed to break through on the first attempt, the power of buyers eventually helped SHIB overcome it and find a local high at $0.0000317, turning this resistance into support.

If the Shiba Inu token stays above this key price line, the market will see confirmation of bullish buying interest here, which will eventually open up the opportunity for SHIB to test the bears somewhere higher.

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Which came first, the SHIB price surge or the whales buying the meme-inspired coin, is an open question. However, the fact is that large investors accelerated their purchases when the price of the Shiba Inu token began to rise. The coming week will show whether this convergence continues.