TL;DR
Over 1 trillion SHIB assets shifted to exchanges, possibly indicating selling pressure as the price dropped.
Some analysts, including trader $SHIB KNIGHT, believe SHIB might rally soon, predicting a potential 8-month high.
Shiba Inu’s burning program and the development of Shibarium provide bullish momentum for the coin’s future.
What’s Next for SHIB?
According to CryptoQuant data, Shiba Inu investors have movedover 1 trillion assets into cryptocurrency exchanges in the past few days. The rapid shift started on October 8, a day before SHIB’s price fell significantly (in resonance with the entire digital asset market).
The total amount of tokens stored at cryptocurrency marketplaces peaked on October 9 at over 169.7 trillion (equaling around $1.1 billion). Shortly after, the figure slightly decreased to approximately 169.3 trillion.
Shifting from self-custody methods to crypto platforms is usually considered a bearish sign since the growing exchange supply could indicate selling pressure. SHIB has been down over 5% on a weekly basis and is far away from its latest mini-bull run recorded in August this year.
This Could be the Bottom
Contrary to the aforementioned pessimistic trend, some analysts have suggested that Shiba Inu’s price might have found the bottom, meaning it could start rallying in the following months. One proponent of that thesis is the popular cryptocurrency trader using the X (Twitter) handle $SHIB KNIGHT.
They recently assumedthat SHIB could spike to an 8-month high of $0.0003 since the asset remains above a critical support line.
The successful execution of Shiba Inu’s burning program and the development of the layer-2 blockchain solution Shibarium have also been presented as bullish elements. The network that aims to elevate the memecoin as a leader in its field has reachedseveral milestones in its short existence and keeps advancing. More information on Shibarium and its purposes can be found in the video below:
SPECIAL OFFER (Sponsored)Binance Free $100 (Exclusive): Use this linkto register and receive $100 free and 10% off fees on Binance Futures first month( terms).
PrimeXBT Special Offer: Use this linkto register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Tags: Shiba InuShiba Inu (SHIB)
