Shiba

Core

Shiba Inu

Gains

<img decoding="async" width="1200" height="675" src="https://coingape.com/wp-content/uploads/2023/12/what-is-shiba-inu-coin-your-ultimate-guide-e1717156128385.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?" style="float:right; margin:0 0 10px 10px;">
In an unprecedented development, amidst Shiba Inu’s stellar bull run this year, recent on-chain data disclosed a staggering 4 trillion SHIB coins have been shifted to crypto exchanges in the past two weeks. This news, shared by the renowned crypto market analyst Ali Martinez, has sparked a flurry of speculations and discussions within the global crypto community, with approximately $103 million worth of Shiba Inu coins being the hot topic of debate. 
Notably, while the tokens’ migration to exchanges has underscored a surge in on-chain activity, it’s crucial to note that this could potentially be driven by sell-off intentions. At present, the token is grappling to sustain a position even remotely close to this year’s bull cycle peak of $0.000035. 
<h2 id="4-tln-shib-moved-amid-bull-run-has-shib-topped">4 Tln SHIB Moved Amid Bull Run, Has SHIB Topped?</h2> 
As per Ali Martinez’s post on X, the aforementioned volume of SHIB was transferred to exchanges in the past two weeks. It’s noteworthy that annual charts depict the dog-themed meme token is already on a 207% upswing. This has sparked worries that the tokens relocated to exchanges might be a result of profit-taking behaviors. 
Also, it’s worth mentioning that SHIB traded near the $0.000009 price level during the start of this year, rallying to an astonishing bull cycle peak of $0.000035 in March, per CoinMarketCap’s data. However, the meme coin’s price action gradually waned, currently trading at the $0.000025 price level. This price action has added to bearish sentiments in the market, as should the tokens moved to exchanges be sold, Shiba Inu could encounter significant selling pressure. 
<img decoding="async" class="aligncenter wp-image-199886" src="https://coingape.com/wp-content/uploads/2024/05/Shiba-Inu-coin-price-annual-chart.png" alt="Shiba Inu coin price annual chart" width="516" height="319" srcset="https://coingape.com/wp-content/uploads/2024/05/Shiba-Inu-coin-price-annual-chart.png 918w, https://coingape.com/wp-content/uploads/2024/05/Shiba-Inu-coin-price-annual-chart-300x185.png 300w, https://coingape.com/wp-content/uploads/2024/05/Shiba-Inu-coin-price-annual-chart-768x474.png 768w, https://coingape.com/wp-content/uploads/2024/05/Shiba-Inu-coin-price-annual-chart-150x93.png 150w" sizes="(max-width: 516px) 100vw, 516px"> 
A recent analysis by CoinGape Media spotlights crucial support formed at the $0.000025 price level for <a href="https://coingape.com/markets/shib-price-prediction-reasons-why-shiba-inu-coin-is-ready-for-0-0001/" target="_blank" rel="noopener">Shiba Inu</a>, further keeping crypto investors on their toes. A slip below the support might be possible if the token encounters significant selling pressure ahead. Conversely, bulls controlling the token could propel a run to the key resistance point of $0.000029. 
Also Read: <a href="https://coingape.com/matter-labs-zk-trademark-tussle-clashes-with-ethereums-core-principles-heres-all/" target="_blank" rel="noopener">Matter Labs’ ZK Trademark Tussle Clashes With Ethereum’s Core Principles, Here’s All</a> 
<h2 id="shiba-inu-s-price-movements-today">Shiba Inu’s Price Movements Today</h2> 
As of writing, <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">Shiba Inu’s price</a> noted a 1.60% fall in the past 24 hours and is currently trading at $0.00002595. Its 24-hour lows and highs are $0.00002559 and $0.0000269, respectively. 
Coinglass data illustrates that SHIB’s futures OI spiked to notable levels in recent months, underscoring increased investor interest in the asset. This increased interest also aligns with the heightened on-chain activity indicated above. 
Besides, it’s worth noting that despite a surge in the burning rate today, <a href="https://coingape.com/shiba-inu-burn-rate-rockets-300-shib-price-rebound-imminent/" target="_blank" rel="noopener">SHIB</a> traded in the red. On the other hand, the RSI stood somewhere around 56, signaling a neutral territory for the asset. 
A potential winover of bulls and bears awaits to take over the token for further price action shifts, whereas SHIB continues to bore the brunt of price fluctuations. 
Also Read: <a href="https://coingape.com/trending/ditch-the-overhyped-dog-meme-coins-buy-these-cryptos-for-high-gains-today/" target="_blank" rel="noopener">Ditch The Overhyped Dog Meme Coins &amp; Buy These Cryptos For High Gains Today</a> 
The post <a href="https://coingape.com/shiba-inu-coin-over-4-tln-shib-transferred-exchanges-price-risk/">Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?

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