Breaking Crypto News – Exploring the Impending Shiba Inu Reset as SHIB Price Rises
Breaking Crypto News – Based on trade volume, Shiba Inu is about to enter another weekly market cycle. The meme coin has demonstrated a fair amount of consistency, with a distinct peak appearing at the start of each week and a subsequent decline. Given that the asset is moving in sync with its trade dynamics, this most likely represents a reset for the asset. Bulls might take heart from the fact that the price, which is currently trading at $0.00002584, has so far managed to stay above the 50-day Exponential Moving Average.
At the current price, 35% of investors are losing money, 4% are at breakeven, and 60% of holders are in the black. The majority is primarily in the green, and the base distribution is quite robust. Large whales own a staggering 73% of all SHIB tokens, which raises the possibility that they could control market movements. Big money players have been very active, as seen by the $635.45 million total amount of major transactions performed during the past week.
Major Players Continue to Show Interest in Shiba
On-chain and exchange data show that the overall market mood for Shiba Inu is still very good as of right now:
- On-chain signals: The network is growing positively at 0.32%, suggesting that new members will probably start joining SHIB. Significant transactions still display a positive signal of 3.95%, suggesting that large players are interested.
- Exchange signals: The bid-ask volume imbalance yields a reading of a somewhat negative 0.53%, indicating that the market’s supply and demand flows are in balance while the smart price stays constant. A significant number of high-value trades and the concentration of major holders suggest that Shiba Inu is currently experiencing positive sentiment.
FAQ
What is EMA?
A 50-period Exponential Moving Average applied to a price chart is known as the “50 EMA” in the cryptocurrency world. This means that the average price of the last 50 periods—whether they be hours, days, minutes, or any other selected time frame—is determined by the EMA.
Is SHIB losing Value?
The price of a Shiba Inu as of May 2024 is $0.00002552, which is about 300% more than it was at the start of the year but still down over 70% from its peak in 2021. This erratic past serves as a backdrop for projecting future prices and highlights the highs and lows of the meme coin.
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