Shiba Inu (SHIB) Holders Withdraw $288M After 30% Price Surge: Can It Rally Another 25%?đ
Shiba Inu (SHIB) has seen a 30% price increase over the last 30 days, sparking major activity among its holders. SHIBâs price now sits at $0.000019, and the recent withdrawals from exchanges could be setting the stage for another rally.
In the past week, SHIB holders have withdrawn 16 trillion tokens, worth around $288 million, from exchanges, according to Glassnode. Such large outflows reduce the circulating supply available for trading, potentially driving scarcity and supporting a price increase.
The Market Value to Realized Value (MVRV) Long/Short Difference shows that long-term SHIB holders now have fewer unrealized losses, signaling a potential shift from bearish to bullish conditions. If this trend continues, SHIB could see another price jump.
SHIB is nearing key resistance, and the Bull Bear Power (BBP) indicator shows buyers are currently in control. The token is also trading in a bullish pattern, with the 20-day Exponential Moving Average (EMA) above the 50-day EMA. If bulls maintain momentum, SHIB could rise to $0.000024. However, if the token fails to break above $0.000020, a pullback to $0.000017 is possible.
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