Shiba Inu (SHIB), a prominent player in the meme coin sector and the second-largest in terms of market capitalization, is garnering significant attention from cryptocurrency whales. Despite the fluctuations in the broader cryptocurrency market, SHIB has maintained its allure among large-scale investors, often referred to as “whales.” Recent insights from Coinglass, an on-chain analytics platform, highlight the unwavering interest and confidence these investors have in SHIB.
Massive Withdrawal of SHIB Tokens from Exchanges
According to data derived from SHIB’s spot inflow and outflow metrics, exchanges have observed a notable withdrawal of approximately 3.3 trillion SHIB tokens, a sum exceeding $93.3 million. This considerable outflow underscores the growing appeal of SHIB among whales.
In the realm of cryptocurrencies, the term “outflow” denotes the transfer of assets from exchanges to private wallets. This movement often indicates potential upward momentum and may signal a promising buying opportunity. Additionally, a surge in outflows typically diminishes selling pressure, thereby reducing the risk of a price drop for the asset.
Shiba Inu (SHIB): Technical Analysis and Potential Growth
The optimistic on-chain indicators are further validated by SHIB’s technical analysis. Experts in the field suggest that SHIB is exhibiting signs of upward momentum as it navigates near a critical support level defined by an upward-sloping trendline.
Historically, when SHIB approaches this support level, it has been known to experience upward momentum. Analysts are predicting a similar surge in the near future. Based on recent price movements, should SHIB maintain a position above the $0.000025 threshold, there is a strong likelihood of a 40% increase, potentially reaching the $0.000039 mark in the coming days.
On a positive note, SHIB’s Relative Strength Index (RSI) is currently positioned around 52, comfortably below the overbought threshold of 70. This suggests ample potential for the asset to climb higher in the forthcoming period.
Current Price Momentum
At present, SHIB is trading near the $0.00002838 level, having experienced a 2.50% price decline over the past 24 hours. During this timeframe, its trading volume has dipped by 30%, hinting at reduced engagement from traders and investors compared to the previous day.
In conclusion, while the cryptocurrency market remains dynamic, the sustained interest from whales in Shiba Inu (SHIB) is a promising indicator of the meme coin’s potential. As SHIB continues to attract attention, both from technical perspectives and market activity, it stands poised for significant developments in the days ahead.
