Shiba Inu (SHIB), the popular and second-largest crypto meme coin by market cap, is poised for upside momentum as whale interest in the meme coin skyrockets. Despite the recent price decline across the cryptocurrency market, whales’ interest and confidence in SHIB remain unchanged, according to an on-chain analytics report by Coinglass.
Data from the SHIB spot inflow/outflow metrics revealed that exchanges have witnessed a significant outflow of 3.3 trillion SHIB tokens, worth over $93.3 million. This substantial outflow reflects the growing interest of whales in the meme coin.
The term outflow in the cryptocurrency industry refers to the movement of assets from exchanges to wallets, indicating potential upside momentum and signaling a buying opportunity. Additionally, whenever outflow increases, it reduces selling pressure and the likelihood of a price decline for the asset.
These bullish on-chain metrics are further supported by SHIB’s technical analysis. According to expert technical analysis, SHIB appears to be gaining upside momentum, as it is currently struggling near the crucial support level of an inclined trendline.
Historically, whenever the meme coin reaches this support level, it tends to experience upside momentum, and experts are speculating a similar rally in the coming days.
Based on the recent price action, if SHIB stays above the $0.000025 level, there is a strong possibility it could soar by 40% to reach the $0.000039 level in the coming days.
On the positive side, SHIB’s Relative Strength Index (RSI) currently stands near 52, which is below 70, indicating that it is not in the overbought zone. This suggests that the asset has enough potential to soar in the coming days.
Currently, SHIB is trading near $0.00002838 and has registered a price decline of over 2.50% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors compared to the previous day.
The idea of the U.S. government holding XRP as part of a national reserve might…
Coinbase Derivatives, LLC has launched CFTC-regulated futures contracts for XRP, adding to the growing list…
In a huge development for the cryptocurrency industry, Paul Atkins has officially been sworn in…
The wider crypto market may be attempting to follow the Gold price but the short-term…
The Circle Payments Network will leverage regulated stablecoins led by USDC and EURC. The CPN…
The Avalanche ecosystem has grown significantly in the past year backed by institutional investors seeking…
