CandleFocus Shiba Inu (SHIB) Holders Pull $288 Million from Exchanges Following 30% Price Increase
2024-10-20
Author: Content Editor
Shiba Inu (SHIB), a meme coin, has experienced a notable price increase over the past 30 days, which could potentially lead to a significant price surge for the token. SHIB's price has risen by 30% during this period and is currently at $0.000019. Glassnode data shows that SHIB holders have withdrawn over 16 trillion tokens from exchanges in the last week, reducing the circulating supply and potentially increasing scarcity. This withdrawal trend, along with other metrics such as the Market Value to Realized Value (MVRV) Long/Short Difference and the Bull Bear Power (BBP) indicator, suggests a more bullish market condition for SHIB. If these trends continue, SHIB's price could rise further. However, bears could counter this by preventing SHIB from closing above $0.000020, which might lead to a price decline.
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