Is Shiba Inu (SHIB) Price on the Verge of a Major Sell Action?
The post Is Shiba Inu (SHIB) Price on the Verge of a Major Sell Action? appeared on BitcoinEthereumNews.com.
At $0.000007, Shiba Inu (SHIB) price has now declined over 50% from its 2023 peak of $0.000015 registered in February. Recent on-chain movements provide insights into the SHIB price action in the days ahead. Since crossing the $0.00001 mark in August, Shiba Inu’s price performance has been underwhelming. Vital on-chain indicators point toward a potential third consecutive losing month for SHIB holders. Investors Transfer 1 Trillion SHIB into Crypto Exchanges The media buzz surrounding the memecoin sector has waned in recent weeks as investors switch focus to burgeoning asset classes such as Real World Assets (RWA) and SocialFi. After weeks of declining prices, Shiba Inu holders are now bracing for major sell-action. Investors moved 1 trillion SHIB tokens into crypto exchanges this week, according to on-chain data compiled by CryptoQuant. The inflows, which began on October 8, have now brought the total SHIB Exchange Supply to a 50-day peak of 169 trillion. Shiba Inu (SHIB) Exchange Reserves vs. Price. Source: CryptoQuant Exchange Supply provides a real-time snapshot of the total deposits that investors currently hold in exchange-hosted wallets. Typically, when exchange supply increases during a prolonged bearish price downtrend, it signals that holders have grown dysphoric and are now looking to exit their positions. With SHIB exchange supply nearing a two-month peak, the prices could face further downward pressure. Bearish Traders Have Siezed Control in the Spot Markets Aggregate data from the Order Books of 16 recognized exchanges confirms that sell orders now dominate the SHIB spot markets. This confirms the narrative the recent exchange supply spikes could intensify selling pressure. As depicted below, the bearish traders have placed active orders to sell 2.5 trillion SHIB within the 10% boundaries of the current Shiba Inu prices. This is considerably higher than the corresponding 2.14 trillion SHIB purchase orders. Shiba Inu…
Filed under: News - @ October 11, 2023 7:18 am