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Sell-off alert as 4 trillion SHIB sent to exchanges in two weeks

Theo

In the last two weeks, over 4 trillion Shiba Inu (SHIB) tokens worth more than $103 million have been deposited on various cryptocurrency exchanges.

This significant move indicates a possible profit-taking spree and has raised concerns about increased selling pressure on the popular memecoin.

Crypto Analyst Ali Martinez was recently posted on X (formerly Twitter) revealing that these tokens have been transferred to exchanges over the past two weeks, suggesting that investors may be preparing for a significant sell-off.

On-chain metrics show sales activity

To verify the increasing selling pressure on Shiba Inu, Finbold analyzed on-chain metrics using data from Santiment. Analysis revealed a significant increase in SHIB exchange outflow last week, accompanied by an increase in supply on exchanges and a decrease in supply off exchanges.

SHIB price, exchange inflows and outflows. Source: Santiment

These metrics suggest that investors are actively selling their SHIB holdings, with even whales participating in this trend. This was evident in a slight decline in the SHIB supply of top addresses over the past seven days.

Given the increased selling pressure, further analysis was conducted to estimate the future price movement of SHIB.

Finbold has retrieved data from Santiment showing that SHIB’s Network Value to Transactions (NVT) ratio has risen again, indicating that the asset may be overvalued and pointing to a possible price decline.

In addition, the Relative Strength Index (RSI) is near 71, indicating an overbought situation.

SHIB RSI, NVT value.Source: Santiment

SHIB Price Analysis

SHIB 7-day price chart. Source: Finbold

At the time of writing, Shiba Inu price recorded a 0.39% decline in the last 24 hours and is currently trading at $0.00002532, representing a weekly gain of 3%.

Coin jar Data shows that the open interest (OI) in SHIB futures has increased to notable levels over the past few months, highlighting the increased investor interest in the asset. This increased interest is in line with the increased on-chain activity noted above.

The transfer of 4 trillion SHIB to exchanges amid Shiba Inu’s otherwise impressive bull run has sparked considerable debate within the crypto community.

The dog-themed memecoin, which has seen a 144% surge this year, may be facing significant sell-offs due to profit-taking by investors.

SHIB initially traded at around $0.000009 at the start of the year and reached a high of $0.000035 in March before declining again.

As the market closely monitors the performance of Shiba Inu, future price movements remain uncertain. The significant transfer of SHIB to exchanges highlights possible selling intentions, and investors should brace themselves for possible further declines.

Disclaimer: The content of this website does not constitute investment advice. Investments are speculative. When you invest, your capital is at risk.

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