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Popular meme coin Shiba Inu (SHIB) has witnessed one of the biggest exchange withdrawals. According to CryptoQuant data, more than 309 billion SHIB tokens were taken out of crypto exchanges on Sept. 10. Based on the current Shiba Inu price, these tokens are valued at approximately $4.09 million.
A surge in exchange outflows is considered a bullish development, and these withdrawals suggest intense buying activity of a coin. Almost 309 billion SHIB tokens were bought from prominent crypto exchanges yesterday. As the price is currently trading at lows, traders and whales are buying the dips.
It is a crucial strategy used by these holders, as they can get notable profits once the price rebounds from current lows. Additionally, buying activity is a major positive indicator of a forthcoming trend reversal. It shows that the selling pressure is slowing down, which eventually results in price gains in the following days.
Shiba Inu price rally coming?
Shiba Inu is famous for its volatile nature. While it has witnessed huge price dips in the past, it has also seen massive price rallies. The current cycle is predominantly on the bearish side. However, a trend reversal can ignite anytime now. Bullish moves from these traders and whales are also hinting at this potential scenario.
As of now, the meme coin is trading at lows at $0.00001328. The price has decreased 1.18% over the last 24 hours. It briefly touched a high of $0.00001367 during this time but quickly went below, as there is significant pressure from the resistance level of $0.00001401. SHIB had been unsuccessful in clearing this price zone.
However, support from traders amid the increasing buying activity can inject bullish momentum into the market. Consequently, it is likely that Shiba Inu may turn this resistance level into a support zone. If it happens, it will target the next highs, and more gains can come for the meme coin.
Alex Dovbnya
Denys Serhiichuk