đ Investors Shift Shiba Inu to Exchanges
Significant movements in the Shiba Inu (SHIB) market were observed last week, as over 4 trillion SHIB tokens, valued at approximately $103 million, were transferred to various cryptocurrency exchanges. This mass transfer has raised concerns among investors, indicating a potential sell-off after a recent price surge. Ali Martinez highlighted on social media platform X that these tokens were moved to exchanges over the past two weeks, hinting at possible selling actions in the near future.
đ¸ What Does the Data Show?
Using data from Santiment, it was confirmed that there was an increase in the movement of SHIB towards exchanges last week. This was accompanied by a decrease in SHIB supply on exchanges, indicating active selling by investors, including large holders or âwhalesâ. The downward trend in the supply held by major addresses over the past seven days further reflects this selling pressure.
A graph from Santiment displaying the Network Value to Transactions (NVT) ratio for SHIB indicated a rising pattern, which could suggest an overvaluation and potential price drop for the cryptocurrency.
đ¸ Why Did SHIBâs RSI Change?
Following a recent price increase, SHIBâs Relative Strength Index (RSI) climbed to 71 but subsequently fell to just above 40. Currently, SHIBâs price stands at $0.00002518, reflecting a 0.39% decline in the last 24 hours.
The market faced substantial questions when the transfer of 4 trillion SHIB tokens to exchanges took place. This event, coupled with a 144% increase in SHIBâs value since the yearâs start, suggests a possible decline as investors seek to capitalize on their gains.
đ¸ Investor Insights
â Monitoring SHIBâs movement to exchanges can provide early signals of potential sell-offs.
â Analyzing SHIBâs NVT ratio can offer insights into its valuation status.
â Tracking RSI values can help predict short-term price movements.
â Observing futures trading data can reveal changes in investor interest and sentiment.
