- Shiba Inu’s Shibarium relaunch sparks bullish sentiment.
- SHIB price faces a potential rebound amid the crypto market downturn.
- Massive SHIB outflows hint at strengthened investor confidence.
Despite a declining trajectory in the cryptocurrency market, Shiba Inu has caught the attention of many. Over the past week, over 2 trillion Shiba Inu tokens exited exchanges, totaling a worth of approximately $15.8 million. This move indicates reduced selling pressure and appears optimistic for bullish investors.
Shibarium, Shiba Inu’s layer-2 network, recently made headlines with its relaunch. The initial launch saw hiccups due to overwhelming traffic, prompting the team to hit the brakes momentarily.
Analyzing the Recent Shiba Inu Trends
However, after announcing its readiness, Shibarium came back stronger. This step could have acted as a beacon for investors, leading to a change in sentiment. Consequently, many might have anticipated a surge in SHIB’s prices after the network’s rejuvenation.
While market sentiment is positive, SHIB prices illustrate a different tale. The token has dropped by 2.1% in the last 24 hours and by 3.8% in the previous week. If bears break through the intra-day low of $0.000007911, the next support level to monitor is around $0.000007500. However, if SHIB recovers from its present levels, it may encounter resistance at $0.000008500.
However, the broader crypto world is grappling with a bearish phase. Bitcoin, consequently, has slid below the $26,000 threshold with no immediate signs of resurgence. As a result, altcoins and memecoins, including SHIB, are shadowing BTC’s trajectory.
Nevertheless, the silver lining here lies in the potential of Shibarium. As the network attracts more projects, SHIB could witness increased demand. Moreover, once the expansive crypto market picks up momentum, Shibarium could propel SHIB to unparalleled heights.
Ali Martinez, a market observer, highlighted the departure of 2 trillion SHIB tokens from exchanges between August 20 and August 27. According to a Santiment chart that he shared, this outflow peaked on August 23, with almost 840 billion SHIB leaving. Close behind was August 22, witnessing an outpouring of approximately 762.25 billion SHIB.
Large-scale outflows like these often indicate a long-term holding intention from investors. Significantly, this could drive up prices due to reduced selling pressure. Some community members speculate that this move is towards shifting the SHIB tokens to Shibarium addresses.
In conclusion, while SHIB navigates current market tides, its potential lies in Shibarium’s promise and investor faith. As waves of support grow, the token could embark on an unprecedented journey.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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