Shiba Inu could surge in value as the latest data from Nansen shows that 8 trillion coins were moved from cryptocurrency exchanges to self-custody wallets in the last 30 days. The development pushed SHIB’s price to a monthly high of $0.00001340 on Friday. In addition, investors accumulated the dips on the dog-themed token in hopes of Federal Reserve interest rate cuts.
The 8 trillion movement of Shiba Inu coins from exchanges to self-custody wallets highlights that investors remain hopeful on the token. They did not jump ship by selling the holdings and continue to hold on to the tokens in their self-custody wallets. Despite its price stagnation this year, SHIB has barely experienced a domino effect type of sell-off.
Also Read: How Many Shiba Inu Holders Are Actually in Profit & Loss Today?
Also, the 8 trillion Shiba Inu coins that were moved from exchanges to self-custody wallets are worth $107 million. Exchange outflows to self-custody wallets mostly lead to a bullish price rise as they display investors’ confidence. The dog-themed token reached the $0.000013 range after nearly three months. On Friday’s trading session alone, it spiked close to 2% in the charts.
Shiba Inu Coins on the Move
Shiba Inu is facing a renewed interest among the investor community as the price is showing signs of recovery. Chances are high that its price could reach $0.000015 mark next, which it touched in July this year. SHIB and other meme coins faced stagnation in the market but are slowly gaining lost ground.
Also Read: Leading Expert Predicts Shiba Inu Surge if Ethereum Hits $10K
Meme coins like Shiba Inu are known for extreme volatility as their price fluctuates from earth to heaven. They also fall from heaven to earth in a similar fashion, making traders turn paupers in a day. The risk is high, and only those who can stomach losses are advised to take an entry position. It is advisable to invest only what you can afford to lose when the markets turn bearish.
Credit: Source link
