{"id":566865,"date":"2023-12-25T15:00:49","date_gmt":"2023-12-25T15:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=566865"},"modified":"2023-12-25T12:34:51","modified_gmt":"2023-12-25T12:34:51","slug":"shiba-inu-climbs-12-on-christmas-day-brewing-bull-run-or-false-dawn","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-climbs-12-on-christmas-day-brewing-bull-run-or-false-dawn\/","title":{"rendered":"Shiba Inu Climbs 12% On Christmas Day – Brewing Bull Run Or False Dawn?"},"content":{"rendered":"

The Shiba Inu faithful have reason to wag their tails. Over the past few days, the meme coin has witnessed a surge in buying pressure, hinting at a potential bull run. But should investors unleash their inner Doge and start digging for bones, or is this just a fleeting frenzy?<\/p>\n

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Crypto analyst Ali underscores a noteworthy development in the Shiba Inu (SHIB) ecosystem\u2014a massive 8 trillion token exodus from exchanges since November. This signals investors’ inclination to retain SHIB in private wallets, reducing selling pressure and potentially paving the way for price appreciation.<\/p>\n

Related Reading: XRP In December 2023: Decoding An 800% Nostalgia And The Hope For $1<\/a><\/div>\n

This strategic move reflects a growing confidence in SHIB’s long-term prospects, creating an environment where the diminished circulating supply may contribute to significant market movements and capitalize on the anticipated bullish momentum.<\/p>\n

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#ShibaInu<\/a> | Since November, there’s been a massive withdrawal of over 8 trillion $SHIB<\/a> from known #crypto<\/a> exchange wallets \u2013 that’s valued at approximately $88 million! pic.twitter.com\/RLFA8N0dLI<\/a><\/p>\n

\u2014 Ali (@ali_charts) December 24, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Further fueling the fire is the unwavering loyalty of the “shrimp and fish,” small-time investors steadily accumulating SHIB. Their growing numbers are reflected in the rising number of addresses holding modest amounts of the coin.<\/p>\n

But a closer look reveals cracks in the bullish facade. Metrics like the MACD hint at a possible bearish crossover, suggesting a potential pullback. And while social buzz remains high, technical indicators like RSI and MFI hint at some choppy waters ahead.<\/p>\n

NewsBTC also examined Santiment’s statistics. According to our research, the Supply on Exchanges for SHIB dropped sharply last month, even if its price rose.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Source: Santiment<\/pre>\n
Adding to the uncertainty is the recent price rally, which could simply be a natural correction after a sharp dip. Investors should remember that past performance is not necessarily indicative of future returns, and chasing momentum can be a recipe for disaster.<\/p>\n
So, where does this leave us? While the recent buying spree and reduced exchange reserves are undoubtedly positive developments, a cautious approach is warranted. Investors should keep a close eye on technical indicators and market sentiment before diving headfirst into the SHIB whirlpool.<\/p>\n
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SHIB market cap currently at $6.4 billion. Chart: TradingView.com<\/a><\/pre>\n
Here are some key takeaways:<\/p>\n