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Significant movements were seen in the Shiba Inu (SHIB) market last week, with over 4 billion SHIB tokens, valued at approximately $103 million, transferred to various cryptocurrency exchanges. This massive transfer has raised concerns among investors, hinting at a possible liquidation 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 the supply of SHIB on exchanges, indicating active selling by investors, including large holders or "whales". The downward trend in supply from major addresses over the past seven days further reflects this selling pressure. A Santiment chart showing the network value to transactions (NVT) ratio for SHIB indicated an ascending pattern, suggesting possible overvaluation and subsequent price decline of the cryptocurrency.
Why did SHIB's RSI change?
Following a recent price surge, SHIB's Relative Strength Index (RSI) rose to 71, but subsequently fell to just over 40. Currently, SHIB's price stands at $0.00002518, reflecting a decline in 0.39% in the last 24 hours. The market faced major questions when the transfer of 4 billion SHIB tokens to exchanges took place. This event, along with a 144% rise in SHIB value since the beginning of the year, suggests a potential decline as investors look to capitalize on their gains.
Investor Perspectives
- Monitoring the movement of SHIB towards exchanges can provide early signals of possible sell-offs.
- Analysis of SHIB's NVT ratio can provide insight 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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