During this year's strong bull run, the Shiba Inu price surge sparked speculation with over 4 trillion SHIB transferred to crypto exchanges in the last two weeks. The news shared by Ali Martinez caused this token worth $ 103 million to become a topic of discussion in the crypto community.
In particular, the movement of tokens to exchanges indicates a significant increase in on-chain activity, while this movement is likely to be associated with selling intentions. Currently, the token is struggling to reach its yearly high of $0.000035.
According to Martinez's post, such a large SHIB volume has been transferred to the exchanges in the last two weeks. Looking at annual data, this dog-themed meme coin is already up 207%. However, this large amount of transfer has raised concerns that investors may be profit-taking.
It is stated that Shiba Inu was traded around $0.000009 at the beginning of the year and rose to $0.000035 in March. However, its price is currently hovering around $0.000025, which increases the bearish tendencies in the market.
According to experts, the $0.000025 level appears to be an important support point for Shiba Inu. However, there is a possibility that this support will be broken if the selling pressure increases. On the other hand, if the bulls gain control, the token could rise towards the key resistance level at $0.000029.
At press time, the price of the Shiba Inu fell 1.60% in the last 24 hours to $0.00002595. The lowest and highest prices are at $0.00002559 and $0.0000269 respectively.
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