{"id":604930,"date":"2024-04-24T22:00:52","date_gmt":"2024-04-24T22:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=604930"},"modified":"2024-06-11T07:00:03","modified_gmt":"2024-06-11T07:00:03","slug":"shiba-inu-shib-golden-ratio","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-shib-golden-ratio\/","title":{"rendered":"Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio"},"content":{"rendered":"

The Shiba Inu ecosystem has been subjected to <\/span>updates<\/span><\/a> in the last few days as developers look to bolster the cryptocurrency’s prospects in the long term. Behind the scenes, on-chain data also <\/span>reveals a bullish trend <\/span><\/a>among SHIB investors, with the exchange balance dropping to new lows.\u00a0<\/span><\/p>\n

Adding to the bullish case is the fact that SHIB’s price has bounced right off the key 0.618 Fibonacci ratio level, otherwise known as the “golden ratio.” These metrics, in combination, are particularly setting up the stage for a price surge that could see SHIB surging in the current market cycle.<\/span><\/p>\n

Exchange Balances For SHIB Hit New Lows<\/h2>\n

According to <\/span>CryptoQuant’s <\/span><\/a>SHIB analytics dashboard, the total SHIB reserve on crypto exchanges has been on a free fall for the majority of this year.\u00a0 At the time of writing, the SHIB exchange reserve now stands at around 150 trillion tokens, compared to 164 trillion SHIB tokens on February 29. This means the total number of SHIB tokens in crypto exchange reserves has fallen by 14 trillion SHIB in less than two months.<\/span><\/p>\n

Related Reading: Analyst Says XRP Price Will Reach $100, But This Needs To Happen First<\/a><\/div>\n

The drop in exchange reserve is somewhat of a bullish indicator for SHIB, as it shows that holders are less liable to sell their coins and are instead opting instead to store them in private wallets. This outflow from exchanges has particularly been compounded in the last few weeks, with on-chain data revealing an increase in activity from Shiba Inu whales. An example is a <\/span>recent accumulation <\/span><\/a>of 237.8 billion SHIB tokens worth $6.9 million by a new whale address.\u00a0<\/span><\/p>\n

Furthermore, recent price action in recent months has seen the price of SHIB bouncing off the 0.618 Fibonacci ratio level on April 14th, setting up the stage for a golden ratio rebound. This is a key support level according to the Fibonacci tool, and the bounce indicated the start of a major uptrend. SHIB encountered this bounce on April 15 around the $0.00002117 price level after a correction of over 51% from its yearly high of $0.00004400.\u00a0<\/span><\/p>\n

Shiba Inu To $0.0001?<\/h2>\n

At the time of writing, SHIB was trading at $0.00002702, up by 19% in the past seven days. Interestingly, the SHIB price has increased by over 27% since its bounce above the golden cross to confirm the crypto has fully reversed into a bullish sentiment.<\/span><\/p>\n

Related Reading: XRP Wallets Holding At Least 1 Million Coins Nears All-Time High As Sentiment Improves<\/a><\/div>\n

Fundamentals<\/span><\/a> point to a <\/span>continued SHIB price surge<\/span><\/a> in the coming days amid mainstream interest and adoption. One of these is the recent $12 million investment <\/span>raised by the <\/span><\/a>Shiba Inu team to develop a layer-3 blockchain on top of Shibarium.<\/span><\/p>\n

With supply on exchanges diminishing and SHIB building surging after bouncing off a key Fibonacci level, the ingredients are in place for a rebound to $0.00004400 or higher. If SHIB can clear this resistance, it opens up a run toward $0.00008616, which would represent a 218% increase from today’s price.<\/span><\/p>\n

\"Shiba<\/p>\n

SHIB price sitting at $0.000026 | Source: SHIBUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from Crypto News Flash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Shiba Inu ecosystem has been subjected to updates in the last few days as developers look to bolster the cryptocurrency’s prospects in the long term. Behind the scenes, on-chain data also reveals a bullish trend among SHIB investors, with the exchange balance dropping to new lows.\u00a0 Adding to the bullish case is the fact that SHIB’s price has bounced right off the key 0.618 Fibonacci ratio level, otherwise known as the “golden ratio.” These metrics, in combination, are particularly setting up the stage for a price surge that could see SHIB surging in the current market cycle. Exchange Balances For SHIB Hit New Lows According to CryptoQuant’s SHIB analytics dashboard, the total SHIB reserve on crypto exchanges has been on a free fall for the majority of this year.\u00a0 At the time of writing, the SHIB exchange reserve now stands at around 150 trillion tokens, compared to 164 trillion SHIB tokens on February 29. This means the total number of SHIB tokens in crypto exchange reserves has fallen by 14 trillion SHIB in less than two months. Related Reading: Analyst Says XRP Price Will Reach $100, But This Needs To Happen First The drop in exchange reserve is somewhat of a bullish indicator for SHIB, as it shows that holders are less liable to sell their coins and are instead opting instead to store them in private wallets. This outflow from exchanges has particularly been compounded in the last few weeks, with on-chain data revealing an increase in activity from Shiba Inu whales. An example is a recent accumulation of 237.8 billion SHIB tokens worth $6.9 million by a new whale address.\u00a0 Furthermore, recent price action in recent months has seen the price of SHIB bouncing off the 0.618 Fibonacci ratio level on April 14th, setting up the stage for a golden ratio rebound. This is a key support level according to the Fibonacci tool, and the bounce indicated the start of a major uptrend. SHIB encountered this bounce on April 15 around the $0.00002117 price level after a correction of over 51% from its yearly high of $0.00004400.\u00a0 Shiba Inu To $0.0001? At the time of writing, SHIB was trading at $0.00002702, up by 19% in the past seven days. Interestingly, the SHIB price has increased by over 27% since its bounce above the golden cross to confirm the crypto has fully reversed into a bullish sentiment. Related Reading: XRP Wallets Holding At Least 1 Million Coins Nears All-Time High As Sentiment Improves Fundamentals point to a continued SHIB price surge in the coming days amid mainstream interest and adoption. One of these is the recent $12 million investment raised by the Shiba Inu team to develop a layer-3 blockchain on top of Shibarium. With supply on exchanges diminishing and SHIB building surging after bouncing off a key Fibonacci level, the ingredients are in place for a rebound to $0.00004400 or higher. If SHIB can clear this resistance, it opens up a run toward $0.00008616, which would represent a 218% increase from today’s price. SHIB price sitting at $0.000026 | Source: SHIBUSDT on Tradingview.com Featured image from Crypto News Flash, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":604943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,89178,84473,83667,89157,86437,84562,84558],"class_list":["post-604930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nShiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio<\/title>\n<meta name=\"description\" content=\"The Shiba Inu ecosystem has been subjected to updates in the last few days as developers look to bolster the 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-shib-golden-ratio\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-shib-golden-ratio\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Shiba-Inu-5.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Shiba-Inu-5.jpeg?fit=300%2C168"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["shib","shib news","shib price","shiba inu","shiba inu news","shiba inu price","shibusd","shibusdt"],"dateCreated":"2024-04-24T22:00:52Z","datePublished":"2024-04-24T22:00:52Z","dateModified":"2024-06-11T07:00:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-shib-golden-ratio\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-shib-golden-ratio\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Shiba-Inu-5.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Shiba-Inu-5.jpeg?fit=300%2C168\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"shib\",\"shib news\",\"shib price\",\"shiba inu\",\"shiba inu news\",\"shiba inu price\",\"shibusd\",\"shibusdt\"],\"dateCreated\":\"2024-04-24T22:00:52Z\",\"datePublished\":\"2024-04-24T22:00:52Z\",\"dateModified\":\"2024-06-11T07:00:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Shiba-Inu-5.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604930"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=604930"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/604930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/604943"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=604930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=604930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=604930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}