As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the recent developments in Shiba Inu (SHIB) particularly intriguing. Having navigated through numerous market dips and surges, I can confidently say that this latest price correction is just a brief pause in SHIB’s bullish journey.
A significant event has taken place for Shiba Inu (SHIB). Despite a general dip in crypto prices, including Bitcoin (BTC) dipping slightly below key support levels, SHIB also experienced a slight decrease, momentarily pausing its upward trend. Yet, it seems the bullish energy is still strong.
Despite some individuals showing panic during the price decline, the majority of investors and traders showed increased confidence in SHIB. Evidence from CryptoQuant suggests that this confidence is particularly strong among traders, especially large ones known as “whales”. On October 21st, these whales withdrew an astounding 1.2 trillion SHIB tokens from centralized crypto exchanges.
As an analyst, I find myself estimating that the combined worth of these digital coins hovers around the impressive sum of $21.7 million. This surge in purchasing activity for SHIB is nothing short of remarkable and has the potential to fuel a robust uptrend in its market value. At present, there seems to be no substantial pressure on the meme coin, and the backing from prominent investors, or “whales,” could serve as additional support, potentially paving the way for its price recovery.
Shiba Inu price reaction
It’s worth mentioning that crypto traders and big investors often transfer their coins from platforms like Binance into personal wallets. This move suggests a preference for long-term holding, which can significantly influence market trends. For the Shiba Inu coin, increasing outflows from exchanges might indicate a positive, bullish trend.
At the moment, Shiba Inu is being traded approximately at $0.00001811, marking a 2.99% decrease in the past 24 hours. The trading volume has also decreased by 7.44%, now standing at 326.60 million. Although these statistics suggest a downturn, it’s important to remember that Shiba Inu’s price has increased by 24.96% over the last 30 days. This suggests that the overall trend remains positive, with further growth anticipated.
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2024-10-22 18:25