Last week, Shiba Inu (SHIB) experienced a significant increase in outflows, drawing wide attention and questions about the reasons behind these transactions.
Big Investors Cashing Out
The 883% surge in SHIB outflows resulted from profit-taking and market adjustments by large players. Some investors may have liquidated their SHIB tokens when the price dropped to $0.0000196 at the beginning of the week. This was accompanied by an approximate 10% daily price rise, indicating strong buying demand in the market as some investors offload their positions, allowing retail investors or smaller 'whales' to purchase SHIB at lower prices before a price increase.
On-Chain Data Indicates Growth Potential
On-chain data reveals that inflows from large investors, particularly funds transferred to whale addresses, surged by 177% last week. This trend suggests that some large wallets may still be purchasing SHIB. Furthermore, SHIB is currently trading around the Fibonacci retracement level of 0.786, which indicates a significant support zone for price recovery.
Analysts' Views on SHIB's Future
Some market analysts believe that SHIB’s price could yield substantial gains soon. Market commentator CryptoELITE stated that a breakout from the current model could result in an 850% price increase. Alan Santana suggested that SHIB could reach the $0.00023 target within the year. Shiba Inu is drawing attention due to its recent high outflows and increased buying activity. The confluence of positive on-chain data and analysts’ optimistic outlook offers cautious hope for SHIB’s future performance. Investors may benefit from closely monitoring market dynamics and technical indicators.
An increasing number of players are turning their attention to Shiba Inu due to recent large outflows and intensified purchasing activities. Combined with positive on-chain data and analysts' optimism, cautious hope arises for the asset's prospects.
