Recent data from the crypto analytics platform IntoTheBlock (ITB) reveals a significant movement of Shiba Inu (SHIB) tokens. Over 24 hours, a staggering 6.11 trillion SHIB tokens were transferred, sparking speculation about its potential impact on the meme coin’s price.
SHIB Price Navigates Market Correction
This activity comes during a broader market correction, with SHIB itself experiencing a 7.01% price decline, according to data from CoinMarketCap. This drop adds to a 13.30% decrease observed over the past week. However, a glimmer of hope remains. SHIB has managed to hold the $0.000027 level as support since March 20th, indicating potential buying pressure at this price point.
Read Also: Amid SHIB Price Slump, Shibarium Hits Major Milestone
Technical indicators on the four-hour chart suggest SHIB may be nearing oversold territory. The Relative Strength Index (RSI) sits at 31, and the token is trading near the lower Bollinger Bands. These signals often precede a potential price rebound, and the recent large-scale token movements by whales could be a contributing factor.
In the short term, regaining the $0.00003 price point appears to be a crucial target for SHIB. This level previously acted as a springboard for a price increase towards $0.00004. It’s important to note that while these indicators are promising, cryptocurrency markets are highly volatile and it’s always wise to proceed with caution.
Positive Fundamentals Amidst Price Dip
While the immediate future of SHIB’s price remains uncertain, the token exhibits some positive fundamental developments. Unlike many other cryptocurrencies experiencing liquidations, Shiba Inu maintains a healthy burn rate
According to data available on Shibburn, this burn rate has even increased by roughly 2,200%, demonstrating the community’s commitment to reducing the token’s overall supply and potentially influencing its long-term value.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top Analyst Michaël Van de Poppe Identifies XRP Price Entry Point for Next Rally
Despite the recent market downturn and price drop, the significant movement of SHIB tokens by whales and the token’s focus on fundamental developments like burn rate paint a potentially optimistic picture for Shiba Inu’s future.
As reported by Times Tabloid, Davinci Jeremie, an early Bitcoin adopter believes Shiba Inu is a suitable asset for long-term investment. This shows that all hope is not lost on the token. Nonetheless, only time will tell how these factors will ultimately influence the token’s price trajectory.
Follow us on Twitter, Facebook, Telegram, and Google News
