Dog-themed cryptocurrency Shiba Inu (SHIB) looks to be moving. According to CoinMarketCap data, SHIB was up 2% in the last 24 hours to $0.0000080. Shiba Inu trading volume increased 41.05% in the last 24 hours to $124.78 million, with 15,278,640,715,315 (15.2 trillion) SHIB swapped.
This indicates that traders are betting on Shiba Inu's price movement in anticipation of its next major move. As reported, a staggering two trillion SHIB tokens were pulled from known crypto exchange wallets just this past week.
Outflows of cryptocurrency from exchanges indicate that investors are shifting their crypto assets to storage, which might be a bullish signal. This implies that investors may believe prices are set to climb.
While SHIB looks to move, on-chain data and technical analysis indicate key areas of challenge.
Here's where challenges lie
Technically speaking, the SHIB price is presently trading in a range. Shiba Inu recovered marginally from a low of $0.00000726 on Aug. 17 to enter a range.
The MA 50 barrier at $0.0000085 provides resistance to the range. On-chain data also supports this. Slightly above where Shiba Inu trades now is a massive barrier, where 29.08 trillion SHIB were bought by 39,750 addresses, per IntoTheBlock data.
Moving closer to the $0.000009 mark is where 15.47 trillion SHIB were bought by 26,880 addresses, posing a hindrance to SHIB's progress.
On the upside, a move past the $0.00000952 mark could propel SHIB next toward the $0.00001134 mark. In what is a positive development for the Shiba Inu ecosystem, Shibarium has relaunched and has reached new milestones.
In a new tweet, Shiba Inu team member Lucie reports that more than 21 million BONE, or exactly 21,035,583.4735 BONE, have been staked on the Layer 2 blockchain.