CandleFocus Shiba Inu (SHIB) Volatility Expected as Investors Move Tokens to Exchanges
2024-10-22
Author: Content Editor
The second-largest meme coin, Shiba Inu (SHIB), is expected to experience volatility as investors move their tokens from self-custody to exchanges, indicating an increase in selling pressure. However, there are also bullish signs for SHIB, such as the significant increase in daily transactions on Shibarium, the project's layer-2 scaling solution. Additionally, the increasing burn rate of SHIB tokens may lead to higher prices as the supply decreases. Despite trading down almost 4% in the past 24 hours, SHIB is still being controlled by bulls according to the Relative Strength Index (RSI). Readers are advised to exercise caution and this article does not constitute financial advice.
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