Shiba Inu (SHIB) Price at Risk as Dormant Holders Move Tokens
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Shiba Inu (SHIB) has encountered unusual activity, with a recent 9.33% seven-day price drop. Key drivers of potential further declines include a significant spike in dormant circulation, which suggests long-term holders are cashing out. Recent data shows dormant circulation surged to 211.78 billion. This increase in sell orders could overwhelm buy orders, putting downward pressure on SHIB's price. Exchange inflow data also indicates heightened selling, with SHIB inflow surpassing 1 trillion. A technical analysis using the Exponential Moving Average (EMA) indicates a bearish trend, with SHIB trading below the 20 and 50 EMAs. If this trend continues, SHIB could drop to $0.000016, but a break above the shorter EMA might see it rise to $0.000019 or even $0.000021.
Source : beincrypto.com ↗