In the wake of the US government’s decision to move $2 billion worth of bitcoin holdings to a new address, the cryptocurrency market experienced a significant drop, with Shiba Inu (SHIB) seeing a 3% decrease in its price. This sudden decline raised concerns among investors, but is this just a temporary setback or a sign of more challenges ahead?
Despite the price dip, there are some positive indicators within the Shiba Inu ecosystem that suggest a potential rally in the near future. For instance, the burn rate of SHIB has surged by over 7,000% on a daily basis, leading to 2.3 million tokens being sent to a null address. While this may not have a significant USD value, the continuous decrease in circulating supply could potentially drive the price of the meme coin up, assuming that demand remains stable or increases.
An analysis of SHIB’s whale activity reveals interesting trends. Aggregated daily volume, where transactions exceed $100K, has increased by 430%, amounting to over $32 million. Additionally, there has been a rise in daily active addresses, albeit at a more modest rate. Another crucial metric to consider is the SHIB exchange netflow, which indicates a shift from centralized platforms to self-custody methods. This shift is seen as bullish for SHIB’s price, as it reduces immediate selling pressure.
Analysts are divided on the future of Shiba Inu. While some, like JAVON MARKS, point to a macro Hidden Bullish Divergence in SHIB’s RSI as a sign of a potential rally to $0.0000456, representing a 171% increase from the current price, others are less optimistic. One analyst suggested that SHIB could drop to $0.000015 if it fails to overcome the major resistance level of $0.000017, a price point that the coin is currently trading below.
The future of Shiba Inu remains uncertain, with conflicting predictions from analysts and a mix of positive and negative indicators. Investors in SHIB should closely monitor the market and assess the various factors at play before making any decisions.
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