As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I find myself intrigued by the current trend of Shiba Inu (SHIB). The daily decline is certainly disheartening, but as a veteran, I’ve learned to read between the lines. The weekly surge of 15.75% is undeniably a bullish signal, indicating that the market might be gearing up for a potential turnaround.
The well-known digital currency based on the Shiba Inu dog, known as SHIB, is defying expectations in an unconventional manner. This occurs as it approaches the price region of $0.00001370 following a downturn.
Current Shiba Inu trend to watch
Based on data from CoinMarketCap, Shiba Inu saw a 5.18% drop in value over the daily chart, trading at approximately $0.00001371. This suggests that investors and traders are pulling out their funds from platforms such as Binance, OKX, among others. While this response might not be unexpected, given the present market’s heightened volatility due to the arrival of crypto bears.
Even though there are other factors at play, Shiba Inu has shown an uncommon upward trend over the past week. Specifically, its value increased by 15.75% within this period. This significant rise is seen as a bullish indicator among traders, suggesting it might be worth considering short-term trades related to the meme coin. The positive momentum on the weekly time frame further bolsters this potential opportunity.
As a seasoned trader with over a decade of experience in the cryptocurrency market, I have witnessed numerous bull and bear markets, and I can confidently say that the resilience displayed by investors in the Shiba Inu community is truly remarkable. The recent surge in 24-hour trading volume, which increased by an impressive 46% to $222 million, underscores their unwavering determination to ensure that Shiba Inu overcomes the current bear market.
In summary, SHIB experienced a slight improvement but continues to encounter challenges mainly due to the prevailing bearish sentiment in the market.
Binance moves 135 billion SHIB
In light of the current market turmoil, it’s worth noting that Binance, the global leader in cryptocurrency exchanges, moved an impressive 135 billion SHIB tokens. This massive transfer, one of the largest ever recorded, was categorized as a reallocation of funds rather than a significant withdrawal.
As a significant investor in Shiba Inu (SHIB), I often find myself reallocating funds to boost liquidity. Recently, my observation points towards Binance, one of the biggest SHIB holders, possibly leveraging its SHIB holdings more effectively. This could be interpreted as an attempt to optimize their reserves for smoother deposits and withdrawals.
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2024-08-12 13:04