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Shiba Inu (SHIB) ‘Reset’ Coming: Details

Mon, 27/05/2024 – 9:01

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Shiba Inu is on the verge of entering another weekly market cycle, according to the trading volume. The meme coin is moving in accordance with repetitive volume patterns that occur at the beginning of each week and then descend throughout it.

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Shiba Inu has shown relative consistency where a noticeable spike is evident at the beginning of each week and then tapers down. This probably reflects some kind of reset for the asset as it moves in harmony with the trading dynamics of the asset. The price is currently trading at $0.00002446 and has so far remained above the 50-day Exponential Moving Average, which is a good sign for bulls.

On-chain data insights

At the current price point, 60% of holders are in profit, 4% are at the breakeven point, and 35% are losing money. That is a relatively strong base distribution, and the largest majority is in the green.

Concentration by large holders: A very high 73% of all SHIB tokens are held by huge whales, thereby suggesting that they may dictate price movements.

Transactions greater than $100,000: The total volume transacted in large transactions over the last week crosses $635.45 million, indicating heavy activity for big money players.

SHIBUSDT
SHIB/USDT Chart by TradingView

At present, general market sentiment surrounding Shiba Inu remains strongly positive, as evidenced by on-chain and exchange indicators:

On-chain signals: The growth of the network is positive at 0.32%, indicating that SHIB is likely to see emerging new participants. Large transactions continue to show a 3.95% bullish signal, indicating interest among major players.

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Exchange signals: The smart price remains constant, and the imbalance of bid-ask volume gives a reading of a rather negative 0.53%, which indicates that there is a balance of the flows of demand and supply taking place on the market. The concentration of large holders, along with a massive number of high-value transactions, points toward bullish sentiment on Shiba Inu.

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