The Shiba Inu community is abuzz with speculations as massive outflows from whale wallets created a stir in the market. This outflow comes following the recent bullish sentiment within the entire crypto market.
This positive sentiment was due to the listing of iShare BTC ETF on DTCC. The question now is whether investors should expect more price gains or diversify to emerging assets with high potential.
Based on information from CoinGecko, the second largest meme coin is performing significantly, with its price reaching $0.0000072. In the last month, SHIB has grown massively by almost 2%.
Additionally, over the past 7- and 14-day, the coin has shown positive growth with gains of 6.6% and 7% respectively.
However, in the past 24 hours, there has been a slight decline in SHIB’s price. This slight drop might be due to investors who take profit from when the price went up initially.
This data from CoinGecko suggests the coin is bullish both in the longer timeframe and shorter term.
Also, it indicates that the momentum may continue if the price continues this way. Meanwhile, as of 8:00 a.m. EST, SHIB is trading at $0.00000739 with a trading volume of more than $201 million.
According to CoinGecko, the trading volume has decreased by over 25% within the last 24 hours.
In the past 24 hours, Shiba Inu (SHIB) has recorded a remarkable surge in token outflows, representing 3,033%. The data from IntoTheBlock indicates an extraordinary occurrence involving the movement of Shiba Inu tokens among major holders.
In a remarkably short period, the number of SHIB tokens leaving these wallets surged from 16.87 billion to 511.37 billion overnight. At the same time, there was a significant drop in the daily influx of tokens into these whale wallets.
According to data, the daily influx is falling from 4.59 trillion to 262.41 billion within the same timeframe. This unusual shift in token movement has raised curiosity and speculation within the Shiba Inu community.
There are two possible scenarios for these whales’ activities. Firstly, big SHIB holders might be taking advantage of the high prices to sell off their SHIB tokens.
Another possibility is that the tokens are being moved out of large exchange platforms. Many of the major SHIB holders are centralized organizations, adding to the mystery surrounding this unusual movement of tokens.
We will be exploring #Shibariumprojects with a view to making them available on our platform as we…
— GroveX (@GroveXchange) October 23, 2023
A crypto exchange based in Australia, GroveX, recently shared their enthusiasm for incorporating Shibarium into their platform.
They mentioned their plans to actively explore and potentially feature Shibarium-related projects on their platform in the future.
This development could have an impact on SHIB’s price, especially given that Shibarium is owned by the same entity responsible for SHIB. It could potentially increase demand and interest in the token due to its integration into a prominent exchange.
Examining the daily chart, the SHIB/USDT trading pair has exhibited a consistent bullish trend since October 19. This movement was likely spurred by the substantial burning of SHIB tokens.
Also, this positive momentum was bolstered by the recent listing of the iShare ETF on DTCC, which contributed to an optimistic sentiment prevalent in the market.
Nonetheless, in the early hours of today, there was a minor retracement in the market, indicating a temporary pullback.
According to technical indicators, it is plausible that SHIB/USDT might discover support around the SMA line within the Bollinger Bands indicators.
Furthermore, the Relative Strength Index (RSI), currently positioned at 62, suggests a moderately bullish sentiment in the market.
Overall, while there has been a minor pullback, the overall trend remains bullish. However, it’s essential to monitor the market for any potential changes in sentiment or trend direction.
Also, investors could diversify by adding emerging crypto assets on presale, offering a low entry point for interested users.
For crypto investors seeking a diversification approach to crypto investment, participating in crypto presales can be an enticing option. These presales involve getting in early on a new cryptocurrency project before it officially launches.
One such presale that’s been causing a stir lately involves a crypto startup named Meme Kombat. It’s considered high-risk, high-reward due to the speculative nature of investing in early-stage projects.
We have reached 3000 fighters in the Meme Kombat Telegram Community🎉
— Meme Kombat (@Meme_Kombat) October 25, 2023
Meme Kombat ($MK) is making waves in the realm of blockchain gaming, with its presale nearing the $700,000 mark. It operates on the Ethereum Network and combines the popular culture of memes with engaging online battles.
This provides players with a unique blend of entertainment and rewards.
In Meme Kombat, players control meme characters engaged in virtual battles driven by AI, creating an unpredictable gaming experience. According to Meme Kombat, they currently have 3,000 active fighters in their telegram community.
This shows that more people are getting involved in the project.
Meanwhile, what sets Meme Kombat apart is its betting component. Players can use their $MK tokens to wager on fights. Impressively, this will not only yield more tokens but also additional rewards, adding an extra layer of excitement to the game.
Furthermore, the project offers two types of betting: Player-vs-Game Betting, where players bet on specific in-game events with established odds, and Player-vs-Player Betting, which usually involves higher stakes and larger rewards.
Beyond betting, the platform allows its community to stake the Meme Kombat token. The feature enables them to earn passively with an annual percentage yield (APY) of over 112%.
For those intrigued by the potential of this project, it’s recommended to visit the official Meme Kombat website to gather more information.
However, note that the crypto market is highly volatile, and the price of an asset may not go as planned.