Shiba Inu Climbs 12% On Christmas Day – Brewing Bull Run Or False Dawn?
25 Dicembre 2023 - 4:00PM
NEWSBTC
The Shiba Inu faithful have reason to wag their tails. Over the
past few days, the meme coin has witnessed a surge in buying
pressure, hinting at a potential bull run. But should investors
unleash their inner Doge and start digging for bones, or is this
just a fleeting frenzy? Crypto analyst Ali underscores a noteworthy
development in the Shiba Inu (SHIB) ecosystem—a massive 8 trillion
token exodus from exchanges since November. This signals investors’
inclination to retain SHIB in private wallets, reducing selling
pressure and potentially paving the way for price appreciation.
Related Reading: XRP In December 2023: Decoding An 800% Nostalgia
And The Hope For $1 This strategic move reflects a growing
confidence in SHIB’s long-term prospects, creating an environment
where the diminished circulating supply may contribute to
significant market movements and capitalize on the anticipated
bullish momentum. #ShibaInu | Since November, there’s been a
massive withdrawal of over 8 trillion $SHIB from known #crypto
exchange wallets – that’s valued at approximately $88 million!
pic.twitter.com/RLFA8N0dLI — Ali (@ali_charts) December 24, 2023
Further fueling the fire is the unwavering loyalty of the “shrimp
and fish,” small-time investors steadily accumulating SHIB. Their
growing numbers are reflected in the rising number of addresses
holding modest amounts of the coin. But a closer look reveals
cracks in the bullish facade. Metrics like the MACD hint at a
possible bearish crossover, suggesting a potential pullback. And
while social buzz remains high, technical indicators like RSI and
MFI hint at some choppy waters ahead. NewsBTC also examined
Santiment’s statistics. According to our research, the Supply on
Exchanges for SHIB dropped sharply last month, even if its price
rose. Source: Santiment Adding to the uncertainty is the recent
price rally, which could simply be a natural correction after a
sharp dip. Investors should remember that past performance is not
necessarily indicative of future returns, and chasing momentum can
be a recipe for disaster. So, where does this leave us? While the
recent buying spree and reduced exchange reserves are undoubtedly
positive developments, a cautious approach is warranted. Investors
should keep a close eye on technical indicators and market
sentiment before diving headfirst into the SHIB whirlpool. SHIB
market cap currently at $6.4 billion. Chart: TradingView.com Here
are some key takeaways: Reduced exchange supply: A positive
sign, indicating less selling pressure. Strong retail
interest: Shrimp and fish are accumulating, boosting
long-term prospects. Technical indicators mixed: Potential for
a pullback before further gains. Beware of chasing
momentum: Don’t be swept away by hype. Source: Coinglass
Related Reading: Polkadot Pops: Price Hits Fresh 2023 Peak,
Breaking Through Doubts The price of SHIB was $0.000010 at press
time, up 12% in the last seven days. Its market cap rose to 16th
place thanks to a 32% rise in value over the last month. That Shiba
Inu had come back from a long-term downturn was also clear. As
Shiba Inu marks a solid climb on Christmas Day, the crypto
landscape is left to ponder whether this surge is the herald of a
brewing bull run or a fleeting false dawn. Featured image from
Freepik
Grafico Azioni Polkadot (COIN:DOTUSD)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Polkadot (COIN:DOTUSD)
Storico
Da Apr 2023 a Apr 2024