3.3 Trillion SHIB Leaves Exchanges, Are Whale Buying?
Shiba Inu (SHIB), the popular and second-largest crypto memecoin by market cap, is poised to gain momentum as whale interest in meme coins surges. According to an on-chain analysis report by Coinglass, whales’ interest and confidence in SHIB remains unchanged despite the recent decline in cryptocurrency market prices.
3.3 trillion SHIB withdrawn from exchanges
Data from the SHIB spot inflow/outflow indicator shows that the exchange witnessed a massive outflow of 3.3 trillion SHIB tokens, worth over $93.3 million. This substantial outflow Reflecting whales’ growing interest in meme coins.
The term “outflow” in the cryptocurrency industry refers to the movement of assets from exchanges to wallets, indicating potential upward momentum and signaling buying opportunities. Additionally, whenever outflows increase, it reduces the likelihood of selling pressure and asset price declines.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
These bullish on-chain indicators receive further support SHIB’s Technical analysis. According to expert technical analysis, SHIB appears to be gaining upward momentum as it is currently struggling near key support at the sloping trendline.
Historically, whenever memecoin reaches this support level, it tends to experience upward momentum, and experts are speculating that a similar rally will occur in the coming days.
Based on the recent price action, if SHIB remains above the $0.000025 level, there is a high chance that it will surge by 40% to $0.000039 levels in the coming days.
On the positive side, SHIB’s relative strength index (RSI) is currently around 52 and below 70, indicating that it is not in overbought territory. This suggests that the asset has enough potential to surge higher in the coming days.
Current Price Momentum
Currently, SHIB is trading close to $0.00002838, with the price falling by more than 2.50% in the past 24 hours. During the same period, its trading volume fell by 30%, indicating that trader and investor participation was lower than the previous day.
