Shiba Inu (SHIB) and Litecoin (LTC) Show Signs of Recovery
Altcoins, including Shiba Inu (SHIB) and Litecoin (LTC), have been facing strong correction alongside Bitcoin. However, there are indications that these two cryptocurrencies are starting to recover.
- Shiba Inu (SHIB) experienced a major correction, with its price dropping 30% from its peak. As of now, SHIB is trading at $0.0000079 with a market cap of $4.7 billion.
- A significant amount of SHIB coins have been withdrawn from exchange wallets, totaling over 2 trillion tokens in the past week.
- Holders of Shiba Inu have withdrawn 1.8 trillion SHIB tokens, surpassing 10% of the average trading volume in the past week.
- Despite the decrease in daily active addresses within the Shiba Inu network, there is a possibility of a supply squeeze impacting SHIB’s price positively if market demand increases.
- Litecoin has also shown stable support after its correction post-halving, with 215,000 addresses buying 3.81 million LTC in the price range between $63.22 and $65.19. Crypto analyst Ali Martinez predicts a potential rebound to $75 for LTC.
It is important to note that market demand for Shiba Inu (SHIB) remains neutral, as indicated by a decrease in daily active addresses. However, the withdrawal of SHIB coins from exchange wallets and the stable support for Litecoin suggest potential recovery for these altcoins in the near term.
Hot Take
Both Shiba Inu (SHIB) and Litecoin (LTC) are showing signs of recovery amidst the ongoing correction in the crypto market. The withdrawal of SHIB coins from exchanges and the stable support for LTC indicate positive developments for these cryptocurrencies. However, it is important to monitor the market demand for SHIB and the overall market conditions to determine the extent of their recovery.
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