- Shiba Inu is on the verge of entering another weekly market cycle, according to the trading volume.
- The meme coin is moving in accordance with repetitive volume patterns that occur at the beginning of each week and then descend throughout it.
- Shiba Inu has shown relative consistency where a noticeable spike is evident at the beginning of each week and then tapers down.
Discover the latest trends and insights on Shiba Inu’s market cycles and trading dynamics in our comprehensive analysis.
Shiba Inu’s Weekly Market Cycle
Shiba Inu is currently trading at $0.00002446 and has so far remained above the 50-day Exponential Moving Average (EMA), which is a positive indicator for the asset. This consistency in trading patterns likely reflects a reset mechanism for the asset as it aligns with the trading dynamics. The price movements are indicative of a broader trend that could influence future trading strategies.
On-Chain Data Insights
At the current price point, 60% of Shiba Inu holders are in profit, 4% are at the breakeven point, and 35% are losing money. This distribution suggests a relatively strong base, with the majority of holders in the green. Concentration by large holders is notably high, with 73% of all SHIB tokens held by whales, indicating that these large holders may significantly influence price movements.
Large Transactions and Market Sentiment
The total volume transacted in large transactions over the last week exceeds $635.45 million, highlighting significant activity among big money players. The general market sentiment surrounding Shiba Inu remains strongly positive, as evidenced by on-chain and exchange indicators. The growth of the network is positive at 0.32%, suggesting the emergence of new participants. Large transactions continue to show a 3.95% bullish signal, indicating sustained interest among major players.
Exchange Signals and Market Dynamics
Exchange signals reveal that the smart price remains constant, and the imbalance of bid-ask volume gives a reading of a rather negative 0.53%. This indicates a balance in the flows of demand and supply in the market. The concentration of large holders, along with a significant number of high-value transactions, points toward a bullish sentiment on Shiba Inu. The asset’s ability to maintain its position above the 50-day EMA further strengthens this outlook.
Conclusion
In summary, Shiba Inu’s market cycles and trading dynamics present a compelling case for investors. The consistent trading patterns, strong base distribution among holders, and significant activity from large transactions all contribute to a positive market sentiment. As the asset continues to attract new participants and maintain its position above key moving averages, the future outlook for Shiba Inu remains optimistic.
