Shiba

bullish

Read

Shiba Inu

Trillion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
An amazing development has occurred for Shiba Inu (SHIB) amid the recent price dip. The broader crypto market witnessed a price correction, with<a href="https://u.today/200-million-in-crypto-destroyed-on-market-as-bitcoin-bulls-perish" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> slightly dropping below its crucial levels. The SHIB price followed suit with a minor drop, which halted the upward momentum for the time being. However, it appears that the bullish momentum is far from over.
While some may have panicked during the price fall, the majority of investors and traders displayed more confidence in SHIB. Data from CryptoQuant<a href="https://cryptoquant.com/asset/shib/chart/exchange-flows/exchange-outflow-total?exchange=all_exchange&amp;window=DAY&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column" rel="noopener noreferrer nofollow">reveals</a> that traders, and more specifically whales, have been buying SHIB tokens in large numbers. On Oct. 21, whales withdrew a whopping 1.2 trillion tokens from centralized crypto exchanges.
The total value of these coins is estimated to be worth around $21.7 million. This is a huge buying trend for SHIB, and it can inject strong bullish momentum into its price. There is no significant pressure on the meme coin as of now, and this support from whales can further help it and lead toward the price's recovery phase.
<h2 dir="ltr" id="shiba-inu-price-reaction">Shiba Inu price reaction</h2>
It should be noted that crypto traders and large investors withdraw coins from exchanges like<a href="https://u.today/binance-founder-cz-warns-against-falling-for-his-fake-verified-x-accounts" rel="noopener noreferrer nofollow">Binance</a> to hold them in their private wallets. This action by these investors highlights the long-term holding trend, which gives a major boost to the market's movements. For the Shiba Inu price, rising exchange outflows may be a strong bullish development.
Meanwhile, Shiba Inu is currently trading around $0.00001811 after a decline of 2.99% in the last 24 hours. The trading volume has also dropped to 326.60 million, declining 7.44% over the past day. While these figures paint a gloomy picture, it is noteworthy that the price of Shiba Inu is still up 24.96% in the last 30 days. This means that the broader trend is still positive, and more gains are expected. <a href="https://u.today/1-trillion-shiba-inu-in-24-hours-why-is-shib-price-still-down" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

1 Trillion Shiba Inu in 24 Hours: Why Is SHIB Price Still Down?

Table of Contents

U_Today

Other articles published on Oct 22, 2024

Understanding the Impact of Bitcoin’s $40B Open Interest on Your Investment Portfolio

BlockDAG Beats All Competition Raises $100M in Record Time Toncoin and Uniswap Prepare Price Surge

Solana Price Forecast Anticipates Significant Surge to $4,500

Ajaib Kripto: Harga BTC Berpeluang Naik ke US$72.500, Ada Faktor Donald Trump

Paxos Launches Yield Bearing Wrapped $USDL on Injective

Ripple CTO Thumbs Up Kamala Harris’ Crypto-Friendly Statement, XRP Army Reacts

Join our free newsletter for daily crypto updates!