Shiba Inu Tokens Flooding Exchanges Amid Sell-Off Concerns 🐕
Have you noticed the recent influx of Shiba Inu tokens into cryptocurrency exchanges? Over 4 trillion SHIB tokens worth more than $103 million have been deposited into various platforms in the past two weeks. This movement indicates a possible profit-taking spree, raising concerns about increased selling pressure on the popular memecoin.
On-chain Metrics Hint at Selling Activity 📈
To validate the rising selling pressure on Shiba Inu, an analysis of on-chain metrics was conducted using data from Santiment. The findings revealed:
– A significant surge in SHIB’s exchange outflow last week.
– Accompanied by an increase in supply on exchanges.
– A decrease in supply outside of exchanges.
This data suggests that investors are actively divesting their SHIB holdings, including whale addresses. Notably, there was a slight reduction in SHIB supply held by top addresses in the last seven days. With this heightened selling pressure, additional examination was done to predict SHIB’s future price direction.
SHIB Price Analysis 📉
Currently, Shiba Inu’s price has experienced a 0.39% decline in the last 24 hours, trading at $0.00002532 with a weekly increase of 3%. Noteworthy points include:
– A surge in SHIB futures open interest.
– Reflecting heightened investor interest in the asset.
– Debate within the crypto community on significant SHIB transfers to exchanges.
– A peak price of $0.000035 in March following a 144% rise earlier in the year.
As the market closely monitors Shiba Inu, the future price trajectory remains uncertain. The notable movement of SHIB to exchanges signals potential sell-off intentions, suggesting possible further declines for investors to consider.
Hot Take: Stay Cautious Amid Shiba Inu Sell-Off Signals 🚨
Keep a close eye on the recent surge in Shiba Inu tokens flooding exchanges, signaling a possible profit-taking trend among investors. With on-chain data indicating increased selling pressure, the memecoin’s future price movements are uncertain. Proceed with caution and consider potential further declines in the coming days.
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