Shiba Inu (SHIB) is now trading at $0.000007, 50% off its 2023 top of $0.000011, which was reached in mid-August. Crucial information about potential SHIB price behaviour is provided by recent on-chain transactions. For holders of SHIBs, will this be their third consecutive losing month?
One trillion SHIB tokens are deposited by investors into exchange wallets.
The price performance of Shiba Inu has not been impressive after the bulls pulled back from the August local peak of $0.00001.
Since then, investors have shifted their attention to other, more recent developments like Real World Assets (RWA) and SocialFi as the media hype and public interest around the memecoin markets have subsided.
Shiba Inu Price Risk: One Trillion Tokens Shift to Exchanges,Shiba Inu Price Risk: One Trillion Tokens Shift to Exchanges
Following two months of falling pricing, owners of Shiba Inus are already feeling bleak and preparing for a significant sell-off. This is demonstrated by the fact that investors shifted one trillion SHIB tokens into cryptocurrency exchanges this week, according to on-chain data gathered by CryptoQuant.
The graph below shows that the inflows started on October 7, when there were 168.5 trillion tokens in total supply on exchanges for SHIB. The entire SHIB Exchange Supply has not yet surpassed the 50-day top of 169.6 trillion as of October 12.
This indicates that in the previous five trading days, investors have transferred 1.1 trillion SHIB tokens into cryptocurrency exchanges.
Exchange Supply provides a daily overview of all the money that investors now have stored in wallets hosted by cryptocurrency exchanges. In a negative market trend, a rise in the supply of investors’ exchange often indicates that more buying investors are eager to sell.
Along with this tendency, cryptocurrency investors are trying to lower their exposure to memecoins due to the volatile market and the growing geopolitical environment.
Because tokens are currently trading at a two-month high on the market, the price of SHIB is likely to see more declines in the coming days.
SHIB Price Forecast: Additional Retraction to $0.000005
With SHIB trading at 0.0000068 right now, the technical indications show that the market is now in a negative mood.
Exponential Moving Averages (EMA) of 10 and 20 days are now being traded below by Shiba Inu, giving a short-term “Sell” signal.
The immediate lower support might be at 0.0000065 if SHIB prices keep falling. On the other hand, SHIB price may sway towards $0.0000060 if the support fails.
On the other hand, the fact that the RSI is in oversold area can draw buyers and cause a rally. The 50-day SMA at $0.0000073 may then serve as a first level of resistance. and a break above it might portend a positive short-term turnaround towards $0.000008.
Shiba Inu Price Risk: One Trillion Tokens Shift to Exchanges,Shiba Inu Price Risk: One Trillion Tokens Shift to Exchanges,Shiba Inu Price Risk: One Trillion Tokens Shift to Exchanges