The total amount of SHIB available on cryptocurrency exchanges has recently increased to over $1.1 billion. While it is thought that this rise may lead to selling pressure, some analysts stated that SHIB coin may recover soon.
“A long way from the last mini bull run”
According to CryptoQuant data, Shiba Inu investors have moved more than 1 trillion assets to cryptocurrency exchanges in the last few days. The rapid change started on October 8, that is, one day before the SHIB price dropped significantly (in resonance with the entire digital asset market).
The total amount of tokens stored in cryptocurrency markets reached over 169.7 trillion on October 9 (equal to approximately $1.1 billion). Shortly thereafter, this figure dropped slightly to approximately 169.3 trillion.
On the other hand, the shift from self-custody methods to crypto platforms is generally considered a bearish sign because increased exchange supply can indicate selling pressure. SHIB fell over 5 percent on a weekly basis, with the amount recorded as a far cry from the last mini bull run recorded in August this year.
Might Be the Bottom
Contrary to the pessimistic trend mentioned above, some analysts have suggested that the price of the Shiba Inu may have found its bottom, meaning it may begin to rise in the coming months. One of the proponents of this thesis was the popular cryptocurrency investor using the username SHIB KNIGHT X (Twitter).
It was recently predicted that SHIB could rise to an 8-month high of $0.0003 as the asset remains above a critical support line.
The successful execution of the Shiba Inu cremation program and the development of the layer-2 blockchain solution Shibarium were also presented as bullish factors.
36750
