Shiba

Shiba Inu

Trillion

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Shiba Inu (SHIB) large transactions helped hold down the fort again this week amid the concerning drawdown in the industry.&nbsp;<a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=largeTransactions" rel="noopener noreferrer nofollow">Data</a> from crypto analytics platform IntoTheBlock (ITB) uncovers a total of 6.11 trillion SHIB tokens moved in the past 24 hours, a figure that might prove pivotal in charting an imminent recovery for the token.</p>
<h2 id="shib-rebound-catalysts">SHIB rebound catalysts</h2>
<p dir="ltr">With Shiba Inu dropping 11% of its price value over the past 24 hours to $0.00002585, the meme coin is now at risk of a massive plunge. At this level, its drop over the past week has grown to 14.78%; however, with the ongoing slump, SHIB has managed to keep the $0.000025 level as a viable support since at least March 20.</p>
<p dir="ltr"><a href="https://u.today/shiba-inu-shib-skyrockets-436-in-key-on-chain-whale-metric" rel="noopener noreferrer nofollow">Technical Indicators</a> show that SHIB is experiencing "overselling" on the four-hour chart. The meme coin’s Relative Strength Index (RSI) comes in at 25, and the token is also trading around the lower Bollinger Bands.&nbsp;</p>
<p dir="ltr">These indicators show that at a point, a SHIB rebound is possible, and the whale supply can help make the difference. The target for SHIB in the short term is to reclaim $0.00003, a level that served as a springboard for shooting it to the $0.00004 threshold.</p>
<h2 id="leveraging-right-fundamentals">Leveraging right fundamentals</h2>
<p dir="ltr">The Shiba Inu token has maintained a positive outlook in a market that has triggered over half a billion dollars in liquidations over the past 24 hours. Shiba Inu has managed to maintain a positive&nbsp;<a href="https://u.today/shib-burns-jump-2330-with-156-billion-coins-scorched-in-march" rel="noopener noreferrer nofollow">burn rate</a>, which has jumped by more than 2,300% to reflect the community’s commitment to the protocol’s deflationary status.</p>
<p dir="ltr">Shiba Inu remains a community-driven token, one that is making a creative pivot to offer smart contract capabilities through Shibarium. While SHIB may be experiencing a significant price drawdown, the prospects of the burn rate and Shibarium have helped&nbsp;fuel <a href="https://u.today/worldcoin-whale-suddenly-absorbs-billions-of-shiba-inu-shib" rel="noopener noreferrer nofollow">massive whale inflows</a> over time.</p>

Shiba Inu (SHIB) Whales Move Massive 6.1 Trillion Tokens in 24 Hours

Innehållsförteckning

U_Today

Andra artiklar publicerade 2 apr. 2024

Crypto.com expands in South Korea despite increasing regulatory scrutiny

XRP Price: 925 Mln Coins On The Move As Price Slips To $0.60, What’s Next?

Borroe Finance’s growth ambitions high; Ethereum probe raises ETF delay concerns

Telegram Introduces Toncoin Ad Payment Services

AI or Real? Ghanaian singer Transformation Sparks Debate

6 Altcoins To Buy For $1 Million Portfolio By The End Of 2024

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!