Shiba Inu On The Edge Of Historic Run As Investors Accumulate 770 Billion SHIB
25 Septiembre 2024 - 11:00PM
NEWSBTC
Shiba Inu (SHIB) is on the verge of a historic run, as investors
have accumulated a significant amount of Shiba Inu tokens in recent
days. However, the meme coin’s fundamentals remain concerning as
they paint a bearish picture for SHIB. Shiba Inu Set For A
Historic Run In October Shiba Inu is set to enjoy a parabolic rally
in October if history were to repeat itself. Data from CryptoRank
shows that the meme coin has always enjoyed monthly positive
returns in October. During the 2021 bull run, SHIB’s price
skyrocketed by 833% in October of that year, while it enjoyed
modest gains of 10% and 6% in October 2022 and 2023,
respectively. Related Reading: XRP Remains Bullish: Crypto
Experts Unveil Predictions For The Price Therefore, Shiba Inu could
record significant gains this October. Moreover, the outlook for
the broader crypto market in October is also bullish. For instance,
Bitcoin has historically enjoyed its highest returns between
October and December. The flagship crypto is again expected to
enjoy a price rally starting in October. As such, Shiba Inu’s
price will also rally as Bitcoin enjoys an upward trend. Data from
the market intelligence platform IntoTheBlock shows that SHIB’s
price correlation with BTC is currently at 0.89, which indicates a
strong positive price correlation between both assets. This proves
that the meme coin will rally as Bitcoin moves to the upside.
Shiba Inu investors are already preparing for the historic run as
data from the on-chain analytics platform Cryptoquant shows that
they have accumulated 770 billion SHIB between September 23 and 24.
This figure represents the outflows that left exchanges in these
two days. Moving coins off exchanges indicates that these investors
intend to hold for the long term. This accumulation trend
among these investors could also contribute to the price surge that
Shiba Inu could enjoy in October. Fundamentals Remain A Concern
Shiba Inu’s fundamentals are a concern, as they paint a bearish
picture for the meme coin. Data from the Shiba Inu burn tracker
Shibburn shows that the coin’s burn rate has dropped over 90% in
the last 24 hours. Meanwhile, there has also been a 61% drop in the
number of tokens burnt in the last seven days. The lack of
network activity on Shibarium is another bearish fundamental. Data
from the Shibarium explorer shows that daily transactions on the
layer-2 network remain stagnant and below 10,000. A recent high was
the 11,360 transactions witnessed on September 19. However, the
following day, daily transactions dropped to 8,000. Related
Reading: Shiba Inu Symmetrical Triangle Pattern Reappears, Why A
200% Rally Is Possible The low activity on Shibarium has also
contributed to the drop in Shiba Inu’s burn rate. Base transaction
fees on Shibarium are usually converted to SHIB and burnt. However,
with such low interest in the layer-2 network, there is a limit to
how many SHIB tokens can be burnt. At the time of writing,
Shiba Inu is trading at around $0.000014, up over 3% in the last 24
hours, according to data from CoinMarketCap. Featured
image created with Dall.E, chart from Tradingview.com
Quant (COIN:QNTUSD)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Quant (COIN:QNTUSD)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024