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

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Over 4 Tln SHIB Transferred To Exchanges, Price At Risk? – Crypto News

Published

2 years ago

May 31, 2024

Dripp

In an unprecedented development, amidst Shiba Inu’s stellar bull run this year, recent on-chain data disclosed a staggering 4 trillion SHIB coins have been shifted to crypto exchanges in the past two weeks. This news, shared by the renowned crypto market analyst Ali Martinez, has sparked a flurry of speculations and discussions within the global crypto community, with approximately $103 million worth of Shiba Inu coins being the hot topic of debate.

Notably, while the tokens’ migration to exchanges has underscored a surge in on-chain activity, it’s crucial to note that this could potentially be driven by sell-off intentions. At present, the token is grappling to sustain a position even remotely close to this year’s bull cycle peak of $0.000035.

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

As per Ali Martinez’s post on X, the aforementioned volume of SHIB was transferred to exchanges in the past two weeks. It’s noteworthy that annual charts depict the dog-themed meme token is already on a 207% upswing. This has sparked worries that the tokens relocated to exchanges might be a result of profit-taking behaviors.

Also, it’s worth mentioning that SHIB traded near the $0.000009 price level during the start of this year, rallying to an astonishing bull cycle peak of $0.000035 in March, per CoinMarketCap’s data. However, the meme coin’s price action gradually waned, currently trading at the $0.000025 price level. This price action has added to bearish sentiments in the market, as should the tokens moved to exchanges be sold, Shiba Inu could encounter significant selling pressure.

Shiba Inu coin price annual chart

A recent analysis by CoinGape Media spotlights crucial support formed at the $0.000025 price level for Shiba Inu, further keeping crypto investors on their toes. A slip below the support might be possible if the token encounters significant selling pressure ahead. Conversely, bulls controlling the token could propel a run to the key resistance point of $0.000029.

Also Read: Matter Labs’ ZK Trademark Tussle Clashes With Ethereum’s Core Principles, Here’s All

Shiba Inu’s Price Movements Today

As of writing, Shiba Inu’s price noted a 1.60% fall in the past 24 hours and is currently trading at $0.00002595. Its 24-hour lows and highs are $0.00002559 and $0.0000269, respectively.

Coinglass data illustrates that SHIB’s futures OI spiked to notable levels in recent months, underscoring increased investor interest in the asset. This increased interest also aligns with the heightened on-chain activity indicated above.

Besides, it’s worth noting that despite a surge in the burning rate today, SHIB traded in the red. On the other hand, the RSI stood somewhere around 56, signaling a neutral territory for the asset.

A potential winover of bulls and bears awaits to take over the token for further price action shifts, whereas SHIB continues to bore the brunt of price fluctuations.

Also Read: Ditch The Overhyped Dog Meme Coins & Buy These Cryptos For High Gains Today

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