Shiba Inu (SHIB) is one of the most famous meme coins, holding the second-largest market cap among its peers, and it seems to be on the verge of a price recovery as whales show significant interest. According to a report from on-chain analytics firm Coinglass, despite recent declines in the cryptocurrency market, major investors' interest in SHIB remains strong.
3.3 trillion SHIB leaving exchanges
SHIB's spot inflow and outflow data shows a significant outflow from exchanges, totaling 3.3 trillion tokens, equivalent to over 93.3 million USD. This outflow is a strong signal of whale confidence in meme coins.
In the world of cryptocurrency, 'outflow' refers to the transfer of assets from exchanges to private wallets, which is often seen as a bullish indicator and a signal that prices may appreciate. Additionally, an increase in outflows suggests a reduction in selling pressure, lowering the risk of further price declines.
SHIB Technical Analysis
Technical analysis of SHIB supports this bullish sentiment. SHIB is currently near a key support level, which is a sloping trend line that has historically been a launchpad for upward moves.
Experts suggest that if SHIB manages to stay above 0.000025 USD, it is likely to rise by 40% to the level of 0.000039 USD in the coming days. SHIB's relative strength index (RSI) is currently at 52, indicating that the token is not in the overbought zone, allowing room for price increases.
Current price and market participation
As of the time of writing, SHIB is trading at approximately 0.00002838 USD, having dropped over 2.50% in the past 24 hours. Trading volume has decreased by 30%, indicating lower participation from traders and investors in the short term.
The combination of on-chain metrics and technical analysis has given hope to SHIB holders, who anticipate a recovery in the near future.