The Shiba Inu (SHIB) ecosystem has made headlines for various reasons. Following the significant success of this asset in the past month, SHIB is seen as moving to the sidelines. However, several analysts have revealed that the setbacks for this meme coin are not as bad as they seem. It is reported that a significant rise is expected in the coming days. Analyst Ali Martinez explained the reasons.
Shiba Inu records massive outflows
Shiba Inu exchange outflow data shows that the outflow of SHIB has significantly increased, indicating that 1.67 trillion SHIB (approximately $41 million) has been withdrawn from exchanges. In the past, when SHIB's exchange outflow experienced similar growth, the meme currency saw a substantial rise. Martinez further elaborated on this activity and reminded the market that SHIB's price has risen by 62%.
It is noteworthy that SHIB is currently 72% lower than its all-time high of $0.00008845. This meme coin reached that peak three years ago in 2021. To reach the 1 cent mark, Shiba Inu would need to increase significantly. Once SHIB begins an upward trend, the asset could rise to 1 cent.
Current price situation
In the past 24 hours, the second largest meme coin has dropped by 2.18%. As of the time of writing, the trading price of this asset is $0.00002409. The past few days have been challenging for Shiba Inu as it has fallen by 7%. However, it is worth mentioning that SHIB has surged an astonishing 32% in the past month.
In addition to investors withdrawing SHIB from exchanges, there are several factors that may influence the price of this asset. Shiba Inu has been closely monitoring the movements of Dogecoin (DOGE). Since DOGE's fervent supporter Elon Musk is now part of the Trump administration, the OG meme token is expected to rise further. Given that Dogecoin tripled after a significant rise, SHIB may see a similar increase.
