SHIB Outflows Surge 883%, Price Rebounds: Bullish Run Ahead?

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Over the past week, there’s been a staggering 883% increase in withdrawals of Shiba Inu (SHIB) coins. As per data from IntoTheBlock, this significant surge in withdrawals took place between January 15 and January 16, with large holders moving their SHIB tokens from 647 billion to 1.11 trillion. This trend has ignited a lot of interest about the reasons for this massive shift in ownership.

Shiba Inu Outflows Surge Over 800%

It appears that a significant surge (over 883%) in Shiba Inu coin (SHIB) withdrawals might be linked to trading activities, such as profit-taking and market readjustments by major investors. This could mean some investors might have sold their SHIB tokens after its price fell to $0.0000196 earlier this week.

But things got even more intriguing when both the outflows peaked and the price surged by nearly 10% in a single day.

In simpler terms, this implies that although certain investors chose to sell their shares, there was a high demand for purchasing shares in the market. This surge in buying might be due to small-scale investors (or what some call “smaller whales”) buying Shiba Inu (SHIB) at lower prices, causing an increase in its value.

Shiba Inu Price Recovers with Increased Buying Activity

Despite experiencing substantial reductions, Shiba Inu coin has remarkably turned its price trend around. Over the past 24 hours, SHIB has experienced a remarkable increase, going from $0.000022 to $0.0000246 on the daily chart, resulting in a large, green candlestick.

In the previous 24 hours, Shib’s price increased by 8.78%. Over the course of a week, it has surged by 14%, indicating that the market is becoming active once more.

In simpler terms, alongside other measures such as trading activity and large investor purchases, we’ve noticed an uptick. This suggests that the urge to buy Shiba Inu (SHIB) has been at least equal, if not stronger, than the desire to sell during this timeframe. The demand for SHIB has persisted, remaining strong even as outflows have increased.

On-Chain Data Suggests a Potential for Continued Growth

Based on blockchain information, there’s been a 177% surge in large investor deposits (money transferred to whale wallets) during the last week. This pattern indicates that some significant investors might still be purchasing Shiba Inu coins.

Furthermore, Shiba Inu (SHIB) has been hovering near the Fibonacci retracement support level of approximately 0.786, a significant area where the price tends to rebound.

Should the value of Shiba Inu coin exceed the significant threshold of 0.00003 USD, market experts predict a potential surge in its price. These analysts note that over the past six months, the price of SHIB has been shaping like a symmetrical triangle pattern. If this pattern is broken (which seems likely), it’s expected to trigger a significant price rise.

Analysts Predict a Bullish Run for Shiba Inu

Based on some analysts’ opinions and predictions by CryptoELITE, the Dogecoin competitor Shiba Inu (SHIB) may see significant price growth in the near future. If the token manages to break free from its current pattern, as suggested by CryptoELITE, it could potentially surge by 850%. According to their analysis, SHIB might aim for a price of approximately $0.00023 during its next significant upward trend.

According to another analyst, Alan Santana, he predicts that Shiba Inu’s (SHIB) token could reach a value of $0.00023 by the end of this year. This optimistic forecast is supported by SHIB’s current market setup and its strong momentum.

Currently, as I’m typing this, the price for a single Shiba Inu token stands at approximately 0.00002413 USD, and there seems to be a predominantly optimistic outlook among traders in the market.

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2025-01-17 21:22