The post Shiba Inu: Buying pressure rises, is a rally incoming? appeared on BitcoinEthereumNews.com.

Journalist Posted: December 25, 2023 SHIB worth millions has been removed from exchanges since November 2023.  SHIB’s price moved up marginally in the last 24 hours, and a few indicators were bearish.  Shiba Inu [SHIB] has witnessed a considerable increase in its buying pressure over the past few days. Whenever buying pressure increases, it hints at a bull rally. Therefore, to understand whether investors should expect a bull rally, AMBCrypto took a closer look at the Shiba Inu ecosystem. Investors are buying Shiba Inu Ali, a popular crypto analyst, recently pointed out that SHIB was experiencing a hike in buying activity. Notably, there has been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets since November 2023. #ShibaInu | Since November, there’s been a massive withdrawal of over 8 trillion $SHIB from known #crypto exchange wallets – that’s valued at approximately $88 million! pic.twitter.com/RLFA8N0dLI — Ali (@ali_charts) December 24, 2023 AMBCrypto then took a look at Santiment’s data. Our analysis revealed that while SHIB’s price went up last month, its Supply on Exchanges plummeted. At the same time, its Supply outside of Exchanges surged, proving the fact that buying pressure on the meme coin was high. Source: Santiment SHIB remained the whales’ favorite token. As per Whalestats, until press time, SHIB was the most traded token among the top 100 Ethereum [ETH] whales in the last 24 hours. However, the buying pressure was not coming from whales alone. AMBCrypto’s look at Shiba Inu’s supply distribution also revealed that, apart from the whales, shrimp and fish investors were also actively buying SHIB. This was shown by the rising number of addresses holding 0–100 coins (green line).  Source: Santiment A possible reason behind this high buying pressure was revealed by SHIB’s Network Value to Transactions (NVT) Ratio. For…

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Filed under: News - @ December 24, 2023 8:34 pm