Last week hosted significant questions for SHIB. Over 4 trillion Shiba Inu (SHIB) tokens, worth approximately $103 million, were transferred to various cryptocurrency exchanges, causing great concern. The market movement reflected the actions of investors looking to take profits after a price increase. This situation once again highlighted the increasing selling pressure on the popular meme coin. In a recent statement on X by Ali Martinez, it was mentioned that the tokens were sent to exchanges over the past two weeks, and these investors might sell in the coming days.
Shiba Inu Comments
Shiba Inu selling pressure was understood using Santiment data as an important source. Analyses showed a significant increase in SHIB movement towards exchanges last week. This was followed by a decrease in supply on exchanges.
Market data confirmed this situation, showing that investors actively sold their SHIB holdings, with even whales joining this trend. This is evident from the slight decrease in SHIB supply held by top addresses in the past seven days. Considering the increasing selling pressure, further analysis was conducted to evaluate SHIB’s future price trajectory.
A graph provided by Santiment, showing SHIB’s NVT (Network Value to Transactions Ratio) ratio rising again, might indicate an overvaluation and potential price decline for SHIB.
How Much is Shiba Inu Coin Worth?
SHIB’s RSI value rose to 71 following the recent increase but then plummeted. As of the time of writing, RSI is slightly above 40. Shiba Inu’s price is at 0.00002518 after a 0.39% drop in the last 24 hours.
Data from Coinglass indicated a noticeable rise in SHIB’s open interest in futures trading, highlighting increased investor interest in the asset. This aligns with the rising on-chain activities for SHIB.
During the price increase earlier this week, the transfer of 4 trillion SHIB tokens to exchanges raised significant questions in the market. The dog-themed meme coin, which has seen a 144% increase since the beginning of the year, might experience a decline parallel to investors’ profit-taking desires.
At the beginning of the year, SHIB was trading at 0.000009 dollars before reaching a peak of 0.000035 dollars prior to a new decline.
