Shiba Inu Price Forms New Support as SHIB Netflow Jumps 76%

The recent Shiba Inu (SHIB) price weakness appears to be fading as the meme coin finds new support, alongside a spike in netflows. Currently, Shiba Inu is valued at $0.000006018, with a market capitalization of $3.54 billion, according to CoinMarketCap data.

New Shiba Inu price support

Recent data shows that Shiba Inu’s netflow is up 76.9% over the past 24 hours, a positive increase. 

The magnitude of the net outflow grew roughly from about $110,000 in the past 24 hours to roughly $195,000.

So, it shows that 77% more SHIB left exchanges than the previous day. Spikes in netflows are often interpreted as accumulation from large players, while drops point to reduced positions, or selling.

Also, the surge in netflows might be a clear indication that whales are increasing their position, betting on Shiba Inu’s potential for a price surge.

With stronger holder conviction and less SHIB available for sale on exchanges, downward pressure eases. The price tends to stabilize or bounce at nearby support levels.

SHIB recently rebounded from the $0.00000580 area and is consolidating just above the $0.000006 psychological level.

SHIB ready to bounce again?

Market analysts highlight that SHIB has formed key support between $0.00000580 and $0.00000590, preventing further downside. 

Holding above $0.000006 keeps the short-term structure intact. If the SHIB price dips below $0.00000580, the next test would likely be around $0.0000056.

On the flip side, a clear hold above $0.00000600, together with volume, could push toward resistance at $0.00000650.

Upcoming ecosystem upgrades could also help to push the SHIB price higher. After a five-week-long silence on X, Shiba Inu lead ambassador Shytoshi Kusama has hinted at an upcoming update.

In his last broadcast, he combined spiritual framing with product disclosure and ecosystem positioning. He also talked about a new AI application focused on relationships and directly addressed concerns regarding SHIB.

Moreover, the Shiba Inu network activity has continued to grow as burn activities increasingly surge. On April 2, Shibburn, the platform that tracks Shiba Inu burn activities, showcased data revealing that the Shiba Inu burn rate surged 2,332% in 24 hours.

When burn rate increases, the SHIB supply falls, eventually leading to price rallies, when demand surges.