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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Shiba Inu Climbs 12% On Christmas Day – Brewing Bull Run Or False Dawn?

Christian Encila
Christian Encila
1 year ago
4 mins read
Shiba Inu

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The Shiba Inu faithful have reason to wag their tails. Over the past few days, the meme coin has witnessed a surge in buying pressure, hinting at a potential bull run. But should investors unleash their inner Doge and start digging for bones, or is this just a fleeting frenzy?

Crypto analyst Ali underscores a noteworthy development in the Shiba Inu (SHIB) ecosystem—a massive 8 trillion token exodus from exchanges since November. This signals investors’ inclination to retain SHIB in private wallets, reducing selling pressure and potentially paving the way for price appreciation.

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This strategic move reflects a growing confidence in SHIB’s long-term prospects, creating an environment where the diminished circulating supply may contribute to significant market movements and capitalize on the anticipated bullish momentum.

#ShibaInu | Since November, there’s been a massive withdrawal of over 8 trillion $SHIB from known #crypto exchange wallets – that’s valued at approximately $88 million! pic.twitter.com/RLFA8N0dLI

— Ali (@ali_charts) December 24, 2023

Further fueling the fire is the unwavering loyalty of the “shrimp and fish,” small-time investors steadily accumulating SHIB. Their growing numbers are reflected in the rising number of addresses holding modest amounts of the coin.

But a closer look reveals cracks in the bullish facade. Metrics like the MACD hint at a possible bearish crossover, suggesting a potential pullback. And while social buzz remains high, technical indicators like RSI and MFI hint at some choppy waters ahead.

NewsBTC also examined Santiment’s statistics. According to our research, the Supply on Exchanges for SHIB dropped sharply last month, even if its price rose.

Source: Santiment

Adding to the uncertainty is the recent price rally, which could simply be a natural correction after a sharp dip. Investors should remember that past performance is not necessarily indicative of future returns, and chasing momentum can be a recipe for disaster.

So, where does this leave us? While the recent buying spree and reduced exchange reserves are undoubtedly positive developments, a cautious approach is warranted. Investors should keep a close eye on technical indicators and market sentiment before diving headfirst into the SHIB whirlpool.

SHIB market cap currently at $6.4 billion. Chart: TradingView.com

Here are some key takeaways:

  • Reduced exchange supply: A positive sign, indicating less selling pressure.
  • Strong retail interest: Shrimp and fish are accumulating, boosting long-term prospects.
  • Technical indicators mixed: Potential for a pullback before further gains.
  • Beware of chasing momentum: Don’t be swept away by hype.

Source: Coinglass

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The price of SHIB was $0.000010 at press time, up 12% in the last seven days. Its market cap rose to 16th place thanks to a 32% rise in value over the last month. That Shiba Inu had come back from a long-term downturn was also clear.

As Shiba Inu marks a solid climb on Christmas Day, the crypto landscape is left to ponder whether this surge is the herald of a brewing bull run or a fleeting false dawn.

Featured image from Freepik

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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