Shiba Inu’s Layer-2 blockchain, Shibarium, has recently achieved an average block time of 5 seconds, making it one of the fastest Layer-2 blockchains in the cryptocurrency realm. Despite this, SHIB’s price has remained stable at $0.0000008, leading many holders to withdraw their tokens from exchanges. However, on-chain data suggests that bullish times may be on the horizon. An analysis from Cryptoquant shows that from August 17 to 26, holders withdrew a staggering 1.8 trillion SHIB tokens, equal to $14.5 million based on the current market rate. This exodus represented over 10% of Shiba Inu’s average weekly trading volume.The In/Out of Money Around Price (IOMAP) data indicates that 370,440 holders purchased a whopping 272.9 trillion SHIB at an average rate of $0.000011. If market demand picks up, a bullish push towards $0.000014 seems plausible. However, if uncertainty surrounding the Shibarium relaunch lingers, bearish sentiments could pull prices below $0.000006. The current state of SHIB is marked by low volatility, trading steadily at $0.00000813 for the past week. This stability might herald a significant price move, and the global in/out of the money (GIOM) metric from IntoTheBlock offers valuable insights. As per the GIOM data, a vast segment of SHIB holders are “in the money,” hinting at a possible resistance level for the coin. However, the coin’s present low volatility, combined with anticipated developments like the Shibarium relaunch, holds the promise of driving SHIB’s price northwards.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People
Companies	FAC, Cryptoquant, Shibarium, FINRA, eToro, Shiba Inu
Currencies	shiba inu (shib), ethereum (eth), bitcoin (btc), us dollar (usd)
Securities