309 Billion Shiba Inu Withdrawal Stuns SHIB Community

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As a seasoned crypto investor who has navigated through numerous bull and bear markets, I find myself intrigued by the recent massive exchange withdrawals of Shiba Inu tokens. This surge in buying activity is reminiscent of the strategies used during the infamous “Doge Days,” where we saw an unprecedented rise in Dogecoin’s price.

On September 10th, a significant number of Shiba Inu (SHIB) tokens – over 309 billion – were withdrawn from cryptocurrency exchanges, as per CryptoQuant data. This withdrawal equates to around $4.09 million at the current SHIB price.

Yesterday, there was a significant increase in Shiba Inu (SHIB) tokens being withdrawn from major cryptocurrency exchanges, which is often seen as a bullish sign, indicating heavy purchase activity. This suggests that traders and large investors, or “whales,” are taking advantage of the current low prices by buying SHIB at a discount.

These investors often employ a significant tactic: they wait for the prices to dip and then profit substantially when these prices bounce back from their current lows. Moreover, increased buying activity can be a strong sign of an upcoming trend change. This indicates that the rate of selling is decreasing, which ultimately leads to price increases in the coming days.

Shiba Inu price rally coming?

Shiba Inu is well-known for its unpredictable behavior. Despite experiencing significant drops in value in the past, it has also experienced dramatic increases. At the moment, the trend seems to be leaning more towards a downturn. However, a shift in direction could occur suddenly. The actions of these traders and whales suggest that such a change might happen soon.

Currently, the meme coin is trading at a low of $0.00001328. Over the past 24 hours, its price has dropped by 1.18%. Despite reaching a high of $0.00001367, it subsequently fell below due to strong resistance at the $0.00001401 level. So far, SHIB has failed to break through this price range.

Nevertheless, as trading activity strengthens, traders’ backing could fuel a surge in bullish energy within the market. This, in turn, could convert the current resistance level into a support area for Shiba Inu. If this occurs, it might propel the meme coin towards new highs, potentially leading to further profits.

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2024-09-11 18:41