The Uncertain Future of SHIB Price
The price of Shiba Inu (SHIB) has been uncertain lately, with updates about the Shiba Inu community coming in. Crypto exchanges have seen an influx of SHIB tokens, indicating that there could be significant price action ahead for this popular meme coin.
Shiba Inu Bearish Sentiment
All indicators and on-chain signals point to a bearish sentiment for Shiba Inu. According to IntoTheBlock, only 8% of holders are making money at the current price. Data from CryptoQuant also shows that investors are moving their holdings to exchanges for selloffs.
Increase in SHIB Inflows to Exchanges
In the past few days, there has been an increase in the amount of SHIB tokens flowing into exchanges. On October 8th, 1.3 trillion SHIB tokens were sent to exchanges, causing the price to drop from $0.00000719 to $0.00000693 the next day.
Evaluating the Impact on Price Action
The exchange inflow has continued, and the total SHIB exchange reserve is now at 169.305 trillion. Additionally, there have been more outflows from whale accounts than inflows, as shown by IntoTheBlock’s metrics. This suggests that big players may be positioning themselves to sell off their SHIB holdings, which could flood the market and drive the price down.
Challenges for Shiba Inu
Despite reaching a milestone of a million blocks, Shiba Inu’s bullish momentum hasn’t reflected in its price. The token recently broke through a key support level and is down by 5.34% in a 7-day timeframe. The development team for Shiba Inu has encouraged the community to stay strong and support each other during this challenging time.
Hot Take: Shiba Inu’s Price Faces Uncertainty Amidst Bearish Sentiment
The future of SHIB’s price remains uncertain as bearish sentiment persists. The recent inflow of SHIB tokens to exchanges indicates a potential price action on the horizon. However, indicators and on-chain signals suggest that most holders are not making money at the current price. Moreover, there has been an increase in SHIB inflows to exchanges, potentially signaling that big players are preparing to sell off their holdings. This could flood the market and drive the price down further. Despite reaching milestones, Shiba Inu’s price has struggled, breaking through key support levels. The community is urged to stay resilient and support each other during this challenging period.
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