On-chain data paints rather surprising picture for Shiba Inu
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Shiba Inu was not immune to bearish action, falling roughly 4%; bulls thus lost the $0.000007 level they had zealously guarded against the bears. SHIB was down 3.89% in the last 24 hours to $0.000000692 at the time of writing. While the price of Shiba Inu is falling because of the general market sell-off, on-chain data paints a rather surprising and interesting picture.data, Shiba Inu is seeing a massive spike in large holders' inflow, up 1,587%. This is surprising given the recent sell-off on the cryptocurrency market. Large holder inflows jumped from 169 billionor large holders.
While uncertainty looms due to the market's current instability, crypto traders should bear in mind that the market has different phases, and a bear cycle never lasts forever. That said, a break above Shiba Inu's daily moving averages of 50 and 200 at $0.0000075 and $0.0000086 might be the first signal of a bullish comeback.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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