Cryptocurrency

3.3 Trillion SHIB Withdrawn from Exchanges: Are Whales Accumulating?

Shiba Inu (SHIB), renowned for being the second-largest meme coin by market capitalization, is currently attracting significant attention from crypto whales. Despite recent downturns in the broader cryptocurrency market, substantial whale interest in SHIB persists, as highlighted by an on-chain analytics report from Coinglass. This indicates potential upward momentum for the popular meme coin.

3.3 Trillion SHIB Withdrawn From Exchanges

An analysis of SHIB’s inflow and outflow metrics reveals a noteworthy outflow of 3.3 trillion SHIB tokens from exchanges, valued at over $93.3 million. This substantial movement suggests increasing interest from whales, translating to possible upward trends for the cryptocurrency.

In the context of cryptocurrencies, outflow denotes the transfer of assets from exchanges to private wallets, often signaling a buying opportunity and potential price surge. Rising outflows reduce selling pressure, thus diminishing the chances of a price dip.

Shiba Inu (SHIB) Technical Analysis and Forecast

These promising on-chain indicators are further bolstered by technical analyses of SHIB. Experts suggest that SHIB is gaining upward momentum as it approaches a critical support level defined by an inclined trendline. Historically, when SHIB reaches this level, a rally often ensues, and current speculation points towards a similar surge in the near future.

Based on recent price movements, should SHIB maintain its position above the $0.000025 threshold, a significant rise of 40% is anticipated, potentially elevating its value to the $0.000039 mark. Furthermore, the Relative Strength Index (RSI) for SHIB is presently near 52, indicating it is not in overbought territory. This suggests ample room for growth in the coming days.

Current Price Momentum

Currently, SHIB is trading at approximately $0.00002838, reflecting a price decrease of about 2.50% over the past 24 hours. During this timeframe, its trading volume has diminished by 30%, indicating reduced engagement from traders and investors compared to the previous day.

In summary, the combination of strong whale interest, significant outflows, and favorable technical indicators suggest that Shiba Inu (SHIB) is on the cusp of potential growth. As the market evolves, keeping a close watch on these dynamics will be crucial for investors and enthusiasts aiming to capitalize on SHIB’s next movements.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button