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- More than a trillion of SHIB assets have been transferred to exchanges, which may indicate selling pressure as the price falls.
- Some analysts, including trader $SHIB KNIGHT, believe SHIB could rise soon, and are forecasting a potential 8-month high.
- The Shiba Inu burn program and Shibarium development provide bullish momentum for the coin’s future.
What’s next for SHIB?
According to CryptoQuant data, Shiba Inu investors have done just that he moved More than a trillion assets have been placed on cryptocurrency exchanges in the past few days. The rapid turnaround began on October 8, a day before SHIB’s price dropped significantly (in line with the entire digital asset market).
The total number of tokens stored on cryptocurrency markets peaked on October 9 at more than 169.7 trillion (equivalent to about $1.1 billion). Soon after, the number dropped slightly to approximately 169.3 trillion.
A shift from self-custody methods to cryptocurrency platforms is usually considered a bearish sign since increasing exchange supply may indicate selling pressure. SHIB stock is down over 5% on a weekly basis which is a long way from the most recent mini bull run recorded in August of this year.
This could be the bottom
In contrast to the pessimistic trend mentioned above, some analysts have suggested that the price of the Shiba Inu may have bottomed, meaning it may start to rise in the following months. One of the proponents of this thesis is the famous cryptocurrency trader using the handle X (Twitter) $SHIB KNIGHT.
They recently Supposedly SHIB could rise to an 8-month high of $0.0003 as the asset remains above a critical support line.
The successful implementation of the Shiba Inu burning program and the development of the layer 2 blockchain solution Shibarium were also presented as bullish elements. The network that aims to raise the profile of memecoin as a leader in its field receipt Several milestones in its short existence and it continues to progress. More information about Shibarium and its uses can be found in the video below:
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