Shiba Inu (SHIB) is making waves again, as significant outflows from exchanges indicate rising investor confidence in the popular meme coin. According to data from Santiment, SHIB’s exchange outflows skyrocketed from under 4 billion on September 23 to a staggering 57.02 billion in just a few days. This surge suggests that investors are moving their holdings into private wallets, signaling strong conviction and potentially bullish sentiment for the asset.
Investor Confidence Grows Amid SHIB Outflows
The sharp increase in outflows points to a growing belief in Shiba Inu’s future potential. Typically, such movements imply that holders are not interested in selling their tokens but rather choosing to hold for long-term gains. A similar pattern emerged earlier in September, and SHIB’s price quickly followed suit. After a comparable outflow spike, the meme coin’s price jumped from $0.000013 to $0.000015 within two days.
This historical trend fuels optimism that SHIB could be on the verge of another price rally. As investor confidence continues to build, it’s possible the meme coin could attract even more buyers, further driving up its value.
NVT Ratio Signals a Bullish Opportunity
Further supporting this bullish outlook is a significant drop in Shiba Inu’s Network Value to Transaction (NVT) ratio. This metric, which tracks the relationship between market cap and transaction volume, helps determine whether a cryptocurrency is overvalued or undervalued. A high NVT ratio usually suggests that price growth has outpaced transaction volume, indicating a potential market top.
However, the recent decline in SHIB’s NVT ratio reveals the opposite: transaction volume is growing faster than the market cap, pointing to a healthy buying opportunity. Combined with the exchange outflow data, these indicators suggest that SHIB could be poised for more upward movement.
SHIB’s technical outlook offers further insight into its potential next moves. For weeks, the meme coin’s price was confined within a descending triangle pattern, which kept it from experiencing any significant gains. However, on September 18, SHIB broke out of this pattern, indicating that it may be ready to move past its consolidation phase.
Currently trading at $0.000015, SHIB is showing positive momentum, supported by bullish signals from the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators. Both technical oscillators have posted higher readings in recent days, suggesting that the meme coin’s rally could continue.
Also Read: Shiba Inu Surges 28% On Robinhood – 47.25 Trillion SHIB Now Held—What It Means For Investors
If SHIB can break through the current resistance level of $0.000015, it may push toward $0.000017, marking a new three-month high. However, if it fails to clear this resistance, a pullback to $0.000013 is possible.
All Eyes on SHIB’s Next Move
As SHIB continues to see strong outflows and positive technical indicators, investor interest in the meme coin is rising. With key levels on the horizon and bullish momentum building, Shiba Inu’s next move could be pivotal. Whether it breaks through its current resistance or retraces to previous support levels, the coming days will be crucial in determining SHIB’s short-term price trajectory. For now, all signs point to potential upside as investor conviction remains high.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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