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Shiba Inu (SHIB) Holders Move 5.45 Trillion Tokens Off Exchange, $0.000030 in Sight

Shiba Inu (SHIB) Holders Move 5.45 Trillion Tokens Off Exchange, $0.000030 in Sight

BeInCryptoBeInCrypto2024/11/28 07:30
By:Victor Olanrewaju

Shiba Inu (SHIB) outflows and holder stability signal potential gains. Could SHIB reach $0.000030?

Shiba Inu (SHIB) coin holders, instrumental in the meme coin’s recent recovery, are driving the potential for another rally. Over the past three days, a significant number of SHIB tokens have been moved off exchanges, signaling strong activity.

With this in place, SHIB’s price might climb above $0.000025. But do other metrics align with the bias?

Shiba Inu Investors Continue to HODL

On November 23, Glassnode data showed an increase in the number of SHIB tokens on exchanges. Interestingly, this coincided with the token’s price drop to $0.000024. However, over the last three days, Shiba Inu coin holders have taken a cumulative 5.45 trillion tokens off exchanges.

At the cryptocurrency’s current price, this is worth about $162 million. Typically, when more tokens enter exchanges, it means that most holders are willing to sell, which could negatively affect the price.

Since most Shiba Inu coin holders move their assets off these platforms, they do not plan to let go in the short term. If sustained, then SHIB’s price could climb higher soon.

Shiba Inu (SHIB) Holders Move 5.45 Trillion Tokens Off Exchange, $0.000030 in Sight image 0Shiba Inu Exchange Net Position Change. Source: Glassnode

Besides that, data from IntoTheBlock shows that several short-term SHIB holders have refrained from selling the token within the last 30 days. This data is according to the Balance by Time Held.

When the metric increases, it implies that most holders still have a chunk of the asset in their possession. On the other hand, a decline implies that most are selling, which is bearish for the cryptocurrency. 

Therefore, if these short-term Shiba Inu holders maintain their position, then the token’s value might not experience a significant drawdown.

Shiba Inu (SHIB) Holders Move 5.45 Trillion Tokens Off Exchange, $0.000030 in Sight image 1Shiba Inu Balance By Time Held. Source: IntoTheBlock

SHIB Price Prediction: Token Forms Bull Flag

On the daily chart, SHIB’s price has formed a bull flag on the daily chart. A “bull flag” is a technical chart pattern that indicates a potential continuation of an uptrend. It begins with a sharp price surge (the “flagpole”) followed by a brief consolidation in a tight range (the “flag”). 

This pattern resembles a flag on a pole and suggests that once the consolidation phase ends, the price is likely to break out. As seen below, SHIB’s price seems to be following this pattern. Thus, if buying pressure increases, the token’s value could surge to $0.000030.

Shiba Inu (SHIB) Holders Move 5.45 Trillion Tokens Off Exchange, $0.000030 in Sight image 2Shiba Inu Daily Analysis. Source: TradingView

In a highly bullish scenario, the crypto’s value could rise to $0.000032. On the flip side, if Shiba Inu coin holders decided to move more tokens into exchanges, this trend might change. Should that be the case, the meme coin could drop to $0.000020.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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