Investors Shift Shiba Inu to Exchanges🤯💥📈

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Significant movements were observed in the Shiba Inu (SHIB) market last week, with over 4 trillion SHIB tokens, valued at approximately $103 million, transferred to various cryptocurrency exchanges. This mass transfer has raised concerns among investors, hinting at a potential sell-off following a recent price surge.

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 “whales”. 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, suggesting potential overvaluation and a subsequent price drop for the cryptocurrency.

Why Did SHIB’s RSI Change?

Following a recent price increase, SHIB’s Relative Strength Index (RSI) climbed to 71 but subsequently fell to just above 40. Currently, SHIB’s 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 SHIB’s value since the year’s start, suggests a possible decline as investors seek to capitalize on their gains

Investor Insights

- Monitoring SHIB’s movement to exchanges can provide early signals of potential sell-offs.

- Analyzing SHIB’s NVT ratio can offer insights into its valuation status.

- Tracking RSI values can help predict short-term price movements.

- Observing futures trading data can reveal changes in investor interest and sentiment.

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