Over 1 Trillion SHIB Assets Shifted to Exchanges
Recent data from CryptoQuant reveals that Shiba Inu investors have moved over 1 trillion assets into cryptocurrency exchanges in the past few days. This shift began on October 8, just before SHIB’s price experienced a significant drop along with the rest of the digital asset market. The total number of tokens stored at cryptocurrency marketplaces peaked on October 9 at over 169.7 trillion, equivalent to around $1.1 billion, before slightly decreasing to approximately 169.3 trillion.
This increase in assets being shifted to exchanges is often seen as a bearish sign as it could indicate selling pressure. SHIB has seen a weekly decline of over 5% and is currently far from its previous mini-bull run in August.
A Potential Rally Ahead?
Despite the recent bearish trend, some analysts believe that Shiba Inu’s price may have hit bottom and could start rallying in the coming months. One analyst, known as $SHIB KNIGHT on Twitter, predicts that SHIB could reach an 8-month high of $0.0003 based on the fact that it remains above a critical support line.
In addition, the successful execution of Shiba Inu’s burning program and the development of Shibarium, a layer-2 blockchain solution, are seen as bullish factors for the coin’s future. Shibarium aims to position Shiba Inu as a leader in its field and has already achieved several milestones since its inception.
Hot Take: Shiba Inu’s Potential for Growth
Despite recent selling pressure indicated by the shift of assets to exchanges, there are optimistic signs for Shiba Inu’s future. Analysts such as $SHIB KNIGHT believe that the coin may have hit bottom and could see a potential rally in the coming months, with a target of $0.0003.
Furthermore, the successful burning program and the development of Shibarium contribute to the bullish momentum for SHIB. As the network continues to advance and achieve milestones, it aims to establish itself as a leader in the memecoin space.
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