Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?

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As an experienced crypto analyst, I find the recent development of 4 trillion Shiba Inu (SHIB) coins being moved to exchanges during this year’s bull run a concerning sign. This on-chain activity, according to renowned market analyst Ali Martinez, could potentially be driven by sellers looking to cash in on their profits or take advantage of the current bearish sentiment surrounding the token.

In an unprecedented turn of events, during Shiba Inu‘s remarkable bull run this year, on-chain information has unveiled that a massive 4 trillion SHIB tokens have been transferred to cryptocurrency exchanges over the past two weeks. This revelation, brought forth by respected crypto market analyst Ali Martinez, has ignited intense debates and conjectures among the global crypto community, with roughly $103 million worth of Shiba Inu coins being a significant focus of these discussions.

As a researcher studying the cryptocurrency market, I’ve observed an intriguing trend: the significant increase in on-chain activity due to tokens moving to exchanges. However, it’s important to remember that this surge could be fueled by sellers looking to cash out. Currently, the token is struggling to maintain any semblance of its peak price during this year’s bull cycle, which was $0.000035.

4 Tln SHIB Moved Amid Bull Run, Has SHIB Topped?

According to Ali Martinez’s recent post on X, there was a significant transfer of SHIB tokens to exchanges over the past two weeks. It’s important to mention that the annual charts indicate a remarkable 207% surge for this dog-themed meme token. This trend has raised concerns among investors as they speculate that the tokens moved to exchanges could be due to profit-taking activities.

During the beginning of this year, SHIB‘s value hovered around $0.000009 according to CoinMarketCap. However, an impressive bull run followed, pushing the price up to a remarkable high of $0.000035 in March. Lately, the price has receded and is now at approximately $0.000025. This price fluctuation has contributed to pessimistic feelings among investors, as there’s a potential for large sell-offs if Shiba Inu tokens are offloaded on exchanges.

Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?

An examination by CoinGape Media has highlighted the significance of the $0.000025 price mark as a crucial support level for Shiba Inu. This development keeps crypto investors attentive, as a potential drop below this support could occur if the token faces substantial selling pressure. Alternatively, if bulls maintain control over Shiba Inu, there is a possibility of a surge toward the important resistance level of $0.000029.

Shiba Inu’s Price Movements Today

At the moment of composition, Shiba Inu’s price has decreased by 1.60% over the last 24 hours and is now at $0.00002595. Its lowest and highest points within that timeframe have been $0.00002559 and $0.0000269, respectively.

As a data analyst, I’ve noticed an intriguing trend in the SHIB data from Coinglass. The open interest (OI) for SHIB futures contracts has surged to significant heights in recent months. This surge in OI signifies that investors have shown increased enthusiasm towards this asset. In parallel with this development, on-chain activity has also picked up, further corroborating the heightened interest in SHIB.

Despite an increase in the burn rate today, Shibaswap’s SHIB token saw a decline in value. Meanwhile, the Relative Strength Index (RSI) hovered around 56, implying that the cryptocurrency was neither oversold nor overbought.

As an analyst, I would say: The battle between bulls and bears presents an opportunity to influence the price trend of the token, with potential significant shifts on the horizon. Meanwhile, Shiba Inu (SHIB) remains a source of price volatility, enduring the brunt of market fluctuations.

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2024-05-31 15:17