Shiba Inu (SHIB) Defies Market Trends with Recent Gains

Shiba Inu (SHIB) has experienced a 5% price increase over the past 48 hours. This rise comes amid a period of significant market turbulence

Shiba Inu (CRYPTO: SHIB) price increased by approximately 5% in the last 48 hours, while major cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) units experienced significant declines.

Despite the recent significant turmoil in the markets, the Shiba Inu price has separated from other altcoin prices.

Latest Situations in Shiba Inu Price

According to CoinGecko data, the Shiba Inu price was traded at $ 0.00001681 in the morning hours of July 10, 2024 and has increased by approximately 2% in the last 24 hours. Up .3.

Shiba Inu price has been on the rebound lately and the token is up 33% from the low of $0.00001266 reached on July 5th. While the token is down about 43% from its peak of $0.00002945 in late May, its recent gains suggest further upside potential.

The cryptocurrency market has been under pressure since June, with many assets hitting their lowest levels in months. Bitcoin price is down about 7.84% this month, while Ethereum price is down about 10.94% and Binance Coin (CRYPTO: BNB) price is down about 11.11%. However, the Shiba Inu price only fell about 3.70% in July, indicating that it has been relatively stable in a falling market.

Shiba Inu reached a significant milestone on July 8th, posting daily gains of about 6.49% ; This was the highest daily increase for the token in nearly two months. This positive momentum continued on July 9 and paved the way for the current price movement for SHIB price.

According to the latest reports from crypto analytics platform Santiment, Shiba Inu price has recently diverged from other altcoin prices. Santiment's analysis shows a significant change in SHIB price movement, with the token price diverging from other altcoin prices, which have mostly fallen.

Shiba Inu price recorded a daily increase of approximately 16.15% on July 6, which increased on March 4 It was the highest daily increase since the day the token price increased by 59.46%. Although the SHIB price fell approximately 10% the next day, it retained the gains made over the weekend and showed potential for further increases.

Whale Activity Supports the Shiba Inu Price

An important factor behind the recent movement in the Shiba Inu price is that large investors appear to be accumulating large amounts of SHIB. According to Santiment, 150 major off-exchange addresses have accumulated approximately 6.57 trillion SHIB tokens since June. This accumulation significantly increased the total SHIB holdings to 562.84 trillion SHIB.

On the other hand, 150 major stock exchange addresses reduced their holdings by approximately 5.53 trillion SHIB in the same period. This reduction reduced their cumulative balance to approximately 187.1 trillion SHIB. CryptoQuant's Exchange Netflow metric also supports this trend, showing that there has been a 24-day net outflow from exchanges in the last month, totaling 8.779 trillion SHIB tokens.

Historically, significant declines in exchange reserves have been followed by notable increases for the Shiba Inu price. The last major drop in exchange reserves occurred in February 2024, which was followed by an increase of approximately 370% in the token price. This historical precedent suggests that the current exchange reserve reduction could herald the next big increase for the SHIB price.

Finally, market analyst Javon Marks set an optimistic target for the Shiba Inu price. Marks believes that the SHIB price is on the verge of a major increase and sets a target price for the token price in the range of $0.000081 - $0.0001553. The analyst bases this prediction on the SHIB price remaining above a critical resistance trend line, which will lead to future

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