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Shiba Inu (SHIB), the popular canine-themed meme coin, is fighting off bears in an unusual way. SHIB's recent movements come amid a drop to the $0.00001370 price territory.
Current Shiba Inu trend to watch
According to CoinMarketCap, on the daily chart, SHIB declined 5.18% to trade at $0.00001371. This indicates that Shiba Inu's investors and traders were withdrawing their investments from exchanges like Binance, OKX and others. Their reaction is, however, not surprising, as the broader market is currently facing increased volatility marked by the entrance of crypto bears.
Alex DovbnyaDespite this, Shiba Inu is experiencing an unusual trend in the weekly time frame. In the past seven days, Shiba Inu experienced a surge of 15.75%. Traders would recognize this as a bullish signal, presenting an opportunity to consider intra-day trades on the meme coin, strengthened by the positive movement on the weekly time frame.
Surprisingly, the 24-hour trading volume increased by 46% to $222 million. This further highlights investors' determination to ensure that Shiba Inu overcomes the bear market. A break above the $0.00001370 level will see the meme coin move to 0.00001375. Over the next few days, traders may see SHIB trading sideways in the $0.000013-$0.000015 region, as noted in an earlier U.Today report.
Overall, SHIB still faces difficulties despite a minor uptick. This is because the market is still viewed as generally bearish.
Binance moves 135 billion SHIB
Amid the recent volatility on the market, Binance, the world's biggest crypto exchange, transferred 135 billion SHIB tokens. This transfer, one of the biggest in history, was classified as a funds redistribution rather than a large withdrawal.
Funds reallocation is usually done to increase liquidity. As one of the largest holders of SHIB, the transfer could be seen as Binance making the most of its SHIB holdings. It is also possible that Binance will balance its SHIB reserves for easy withdrawals and deposits.
Arman Shirinyan
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin