Shiba Inu (SHIB), a cryptocurrency with a dog motif, appears to be moving. Data from CoinMarketCap show that SHIB increased by 2% to $0.0000080 in the previous day. 15,278,640,715,315 (15.2 trillion) Shiba Inu were traded for $124.78 million, a 41.05% gain over the previous day.
This suggests that traders are placing bets on Shiba Inu’s price movement in advance of its next significant shift. Two trillion SHIB tokens, a startling amount, were recently removed from wallets associated with well-known cryptocurrency exchanges, as reported.
Cryptocurrency exchange outflows show that investors are moving their holdings to storage, which may be a positive indicator. This suggests that investors could think that price increases are imminent.
On-chain statistics and technical analysis point out significant areas of difficulty as SHIB attempts to migrate.
Here’s where challenges lie
Technically speaking, the price of the SHIB is currently fluctuating. From a low of $0.00000726 on August 17, Shiba Inu barely increased before entering a range.
The range is restricted by the $0.0000085 MA 50 barrier. This is also supported by on-chain data. A significant barrier, where 29,08 trillion SHIB were purchased by 39,750 addresses, is located slightly above where Shiba Inu now trades, according to data from IntoTheBlock.
15.47 trillion SHIB were purchased by 26,880 addresses as we got closer to the $0.000009 threshold, impeding SHIB’s development.
On the plus side, SHIB might advance towards the $0.00001134 level if it moves beyond the $0.00000952 threshold. Shibarium has relaunched and achieved new milestones, which is a wonderful development for the Shiba Inu ecosystem.
Shiba Inu team member Lucie tweets that exactly 21,035,583.4735 BONE, or more than 21 million BONE, have been staked on the Layer 2 blockchain.
