3.3 Trillion SHIB Leaves Exchanges, Are Whales Buying?
Chandan Gupta13 Dec 20242 min read
Shiba Inu (SHIB), the popular and second-largest crypto meme coin by market cap, is poised for upside momentum as whale interest in the meme coin skyrockets. Despite the recent price decline across the cryptocurrency market, whales’ interest and confidence in SHIB remain unchanged, according to an on-chain analytics report by Coinglass.
3.3 Trillion SHIB Withdrawn From Exchanges
Data from the SHIB spot inflow/outflow metrics revealed that exchanges have witnessed a significant outflow of 3.3 trillion SHIB tokens, worth over $93.3 million. This substantial outflow reflects the growing interest of whales in the meme coin.
The term outflow in the cryptocurrency industry refers to the movement of assets from exchanges to wallets, indicating potential upside momentum and signaling a buying opportunity. Additionally, whenever outflow increases, it reduces selling pressure and the likelihood of a price decline for the asset.
Shiba Inu (SHIB) Technical Analysis and Upcoming Level
These bullish on-chain metrics are further supported by SHIB’s technical analysis. According to expert technical analysis, SHIB appears to be gaining upside momentum, as it is currently struggling near the crucial support level of an inclined trendline.
Historically, whenever the meme coin reaches this support level, it tends to experience upside momentum, and experts are speculating a similar rally in the coming days.
Based on the recent price action, if SHIB stays above the $0.000025 level, there is a strong possibility it could soar by 40% to reach the $0.000039 level in the coming days.
On the positive side, SHIB’s Relative Strength Index (RSI) currently stands near 52, which is below 70, indicating that it is not in the overbought zone. This suggests that the asset has enough potential to soar in the coming days.
Current Price Momentum
Currently, SHIB is trading near $0.00002838 and has registered a price decline of over 2.50% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors compared to the previous day.
