621 Billion in 24 Hours for Shiba Inu (SHIB): What’s Happening?

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As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I can confidently say that the recent moves by Shiba Inu (SHIB) whales are reminiscent of a well-orchestrated rescue mission. The community’s unwavering support for SHIB in times of need is a testament to its resilience and potential.

Supporters of Shiba Inu (SHIB) have consistently rallied behind the meme coin during difficult times, and it looks like the ‘whales’ are stepping in once more. Despite a positive trend in recent weeks, SHIB is still in an extended period of consolidation, which doesn’t seem to be ending soon. However, significant investors have surfaced, and there’s anticipation that things will start turning around from this point onwards.

At present, Shiba Inu appears to be an excellent opportunity for purchasing, largely due to its ongoing period of sideways movement. Although some might still harbor doubts about the current state, it’s worth noting that the ‘whales’ have begun investing in SHIB. They are taking advantage of price drops since the meme coin is trading at low levels and a potential trend reversal is anticipated.

On September 23rd, as reported by CryptoQuant’s latest data, whales moved over 621 billion SHIB tokens out of crypto exchanges. This exchange outflow is one of the highest for the coin in the last fortnight. At present SHIB token prices, these transfers amount to approximately $9.11 million.

What does it mean for SHIB price?

Based on past trends, a rise in Shiba Inu’s price might occur following significant exchange withdrawals. It’s possible that the market could see some growth this time too, but it probably won’t lead to a massive price surge as there are several other influencing factors at play. If SHIB experiences even a small increase, the community may celebrate.

At the moment, I’m observing a slight uptick in the value of my favorite meme coin, currently trading at approximately $0.0000147. Over the past day, there’s been a 0.95% price rise, and over the last week, it’s climbed an impressive 10.26%, largely due to the overall market recovery in crypto. The recent maneuvers by SHIB whales hint at potential further gains, suggesting that the coin might aim for new highs.

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2024-09-24 15:48