Shiba Inu has seen persistent gains in the last six days, leading to investors taking up to 3.9 trillion SHIB out of exchanges over the past week.
Shiba Inu (SHIB) is journeying to reclaim the losses incurred from May 6 to June 14. This impressive campaign has seen SHIB post its longest intraday winning streak since 2021. Amid this bullish momentum, investors have taken over 3.9 trillion tokens from exchanges, signaling an intent to HODL.
Shiba Inu Seeks to Recover $0.00001
Shiba Inu is still trading below the much-coveted territory at $0.000010. SHIB broke below the support levels at $0.000010, $0.000009, $0.000008, and $0.000007 in just a month. The asset is now on a recovery campaign to recover these levels.
Shiba Inu has increased by 11.45% through this recovery campaign. SHIB has now registered persistent intraday gains for six consecutive days since June 15. The last time the asset registered intraday gains for six consecutive days was in October 2021, just before its ATH.
Regardless, Shiba Inu‘s goal to recover the $0.00001 psychological zone has not come without hassles. Its highest value in over a week remains $0.00000755, with firm opposition stationed below the $0.000008 territory.
For Shiba Inu to reclaim $0.00001, the asset needs to conquer the psychological levels at $0.000008 and $0.000009. The ongoing campaign has only resulted in the conquering of $0.000007. SHIB failed to leverage the recent market-wide rally, which began yesterday, to reclaim the $0.000008 point.
The Crypto Basic previously disclosed that multiple Shiba Inu investors procured over 15 trillion SHIB between the prices of $0.00000701 and $0.00000800. This massive concentration has created a colossal resistance wall at the price range due to potential selling pressure.
Over 3.9T SHIB Leaves Exchanges
Despite this resistance, investors continue to take their Shiba Inu tokens out of exchanges, sustaining the bullish sentiment. Data from market data provider CryptoQuant suggests that 3.9 trillion SHIB has left exchanges since June 14.
The Shiba Inu Exchange Outflow metric has seen occasional spikes over the past week. The biggest spike occurred on June 14, with over 702.9 billion SHIB moving out of exchanges. June 18 saw another massive outflow totaling 678.9 billion SHIB.
In addition, despite similar spikes in exchange inflows, netflows have been predominantly negative in the last seven days. A negative netflow suggests that withdrawals from exchanges exceed deposits. Over the past week, SHIB exchange netflow has totaled -683.59 billion tokens.
Exchange outflows are typical of bullish sentiments. Notably, investors take out their tokens from exchanges when they intend to hold onto them for long in cold wallet storages. This can help reduce selling pressure and provide price support. SHIB is currently trading for $0.00000733, up 2.52% in the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
