3.3 Trillion SHIB Leave Exchanges, Buy Whales?
Shiba Inu (SHIB), the most popular and second largest crypto meme coin by market capitalization, is set to rise as whale interest in the meme coin skyrockets. Despite the recent price drop in the cryptocurrency market, whales' interest and confidence in SHIB has not changed, according to a chain analysis report published by Coinglass.
3.3 trillion SHIB was removed from the price
Data from the inflow/outflow metrics of the SHIB site shows that exchanges have seen a peak flow of 3.3 trillion SHIB tokens worth over $93.3 million. This high volume of flow indicates a growing demand for whales in meme coin.
In the cryptocurrency industry, the term exit refers to the movement of assets into wallets, which indicates potential momentum and indicates a buying opportunity. In addition, the more cash flow increases, the less selling pressure and the chance of a decline in value on the property.
Shiba Inu (SHIB) technical analysis and upcoming level
These parameters on the chain are further supported by SHIB's technical analysis. According to expert technical analysis, SHIB seems to be struggling at the critical support level of the current trendline.
Historically, MemCoin tends to move higher whenever it hits this support level, and experts are predicting a similar rally in the coming days.
Based on the recent price action, if SHIB holds above the $0.000025 level, there is a strong possibility that it could rise by 40% to reach the $0.000039 level in the coming days.
On the positive side, SHIB's Relative Strength Index (RSI) is currently near 52, which is below 70, indicating that it is not in an overbought zone. This indicates that the asset has enough potential to grow in the coming days.
Current price momentum
SHIB is currently trading at around $0.00002838 and has recorded a price drop of over 2.50% in the last 24 hours. During the same period, the trading volume decreased by 30 percent, which shows the low participation of traders and investors compared to the previous day.
