Price insights: On March 13, 2024, the Shiba Inu price reached a high of $0.0000033 after tenaciously holding onto the $0.000030 support level. Even if there has been less demand for memecoins this week overall, SHIB holders are becoming less eager to sell.
Can the SHIB price see another parabolic rise above $0.00004 because to the reduced selling pressure?
In March 2024, investors moved $7 trillion SHIB into long-term storage.
The price of Shiba Inu has avoided a significant decline this week despite the fact that demand for memecoins has decreased. At $0.000034, a little bit over its 8-day Exponential Moving Average (EMA-8) price of $0.000032, the SHIB meme token is presently trading hands.
On-chain data indicates that the main factor sustaining SHIB price momentum this week is the reduced selling pressure among current Shiba Inu holders, as competing memecoins like PEPE and BONK fell down the top gainers charts.
The following CryptoQuant exchange reserves chart tracks changes in the amount of tokens that investors have placed in trading wallets that are home to cryptocurrency exchanges in real time.
At the conclusion of business on February 29, investors had 164 trillion SHIB stored in cryptocurrency exchange wallets, as seen in the graphic above. However, as of March 14, when this article was written, that amount had decreased to 157 trillion SHIB.
Since the beginning of March 2024, current SHIB holders have essentially moved 7 trillion SHIB tokens from trade wallets into long-term storage, indicating a general reluctance to sell at the current prices.
Those seven trillion tokens are valued at about $230 million at the current rate. Since there will be fewer tokens available on the spot market as a result of such a significant drop in exchange reserves, SHIB prices should rise in the near future.
In the short term, the present supply shortage may intensify the SHIB price increase if the memecoin industry experiences another spike in demand.
Shiba Inu Price Prediction: a firm objective of $0.000004
Regarding the short-term price movement, investors’ removal of 7 trillion SHIB tokens from the market over the past 14 days has placed the price of Shiba Inu in a good position for another upward surge toward $0.00004.
As of this writing, SHIB is trading above its 8-day EMA price of $0.000032, further demonstrating the bulls’ remarkable tenacity in the face of the memecoin market’s decline.
A significant breakout over $0.00004 may be imminent if sellers continue to be cautious and SHIB is able to go above the initial resistance level of $0.000035 in the upcoming days.
Price forecast for Shiba Inu (SHIB), March | Source: TradingView
However, if the negative cloud that surrounds the largecap memecoin market gets bigger, the price of SHIB may fall toward $0.000002. The $0.0000030 region, however, can create a significant short-term psychological support level in this case.