finbold.com
In the past two weeks, over 4 trillion Shiba Inu ($SHIB) tokens, valued at more than $103 million, have been deposited into various cryptocurrency exchanges.
This significant movement suggests a potential profit-taking spree and has raised concerns about increased selling pressure on the popular memecoin.
Crypto analyst Ali Martinez recently posted on X (formerly Twitter), revealing that these tokens have been transferred to exchanges within the last two weeks, indicating that investors might be preparing for a significant sell-off.
These metrics suggest that investors are actively selling their $SHIB holdings, with even whales participating in this trend. This was evident from a slight drop in $SHIB supply held by top addresses over the last seven days.
Given the heightened selling pressure, further analysis was conducted to assess $SHIB’s future price trajectory.
Finbold retrieved data from Santiment showing $SHIB’s NVT (Network Value to Transactions) ratio rising again, indicating the asset might be overvalued and suggesting a potential price decline.
Additionally, the relative strength index (RSI ) is close to 71, indicating an overbought condition.
$SHIB price analysis
As of writing, Shiba Inu’s price noted a 0.39% fall in the past 24 hours and is currently trading at $0.00002532 with a weekly gain of 3%.
Coinglass data indicates that $SHIB’s futures open interest (OI) has spiked to notable levels in recent months, underscoring increased investor interest in the asset. This increased interest aligns with the heightened on-chain activity indicated above.
The transfer of 4 trillion $SHIB to exchanges amidst Shiba Inu’s otherwise impressive bull run has stirred considerable debate within the crypto community.
The dog-themed memecoin, which saw a 144% rise this year, faces the possibility of significant sell-offs due to profit-taking behavior by investors.
Initially trading near $0.000009 at the beginning of the year, $SHIB reached a peak of $0.000035 in March before declining.
As the market watches closely, Shiba Inu’s future price movements remain uncertain. The substantial transfer of $SHIB to exchanges underscores potential sell-off intentions, and investors should brace for possible further declines.
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