This month of August, altcoins continued to face strong correction along with Bitcoin. However, some of them are showing signs of recovery, particularly among them are Shiba Inu (SHIB) and Litecoin (LTC).
The Shibarium launch came up with major hiccups as the Shiba Inu (SHIB) price corrected 30% from its peak. As of press time, Shiba Inu (SHIB) is trading at a price of $0.0000079 with a market cap of $4.7 billion.
On the other hand, the positive development is that a lot of SHIB coins have been moving off exchanges recently. Over the past week, more than 2 trillion SHIB tokens have been pulled off from the exchange wallets.
#ShibaInu | A staggering 2 trillion $SHIB tokens have been pulled from known #crypto exchange wallets just this past week. pic.twitter.com/MiWMNUp7jY
— Ali (@ali_charts) August 27, 2023
From August 17 to August 26, holders of Shiba Inu have withdrawn 1.8 trillion SHIB tokens, equivalent to $14.5 million at the present market value of $0.000008. Notably, this surpasses 10% of Shiba Inu’s average trading volume in the past week.
This situation underscores the possibility of another supply squeeze having a significant impact on SHIB’s price. If the concerns around Shibarium diminish and market demand experiences a surge, this could become a pivotal development for the SHIB price.
Shiba Inu Active Addresses
However, one thing to watch for is that the market demand for Shiba Inu (SHIB) still remains neutral. The provided chart indicates a decrease in daily Active Addresses within the Shiba Inu network starting from August 16. As of August 26, this count reached 3,647, marking a 56% reduction compared to the 8,214 Active Addresses observed on August 16.
Active Addresses is a measure of the daily individuals engaging in economic transactions on a blockchain network. Consequently, the number of investors utilizing SHIB for transactions has notably decreased.
Along with SHIB, Litecoin seems to have attained stable support after its correction post its halving. In the price range between $63.22 and $65.19, a total of 215,000 addresses bought 3.81 million $LTC. thus, a Litecoin price rebound to $75 is likely in the near term, notes popular crypto analyst Ali Martinez.
On-chain data shows that #Litecoin reached a stable support wall between $63.22 and $65.19, where 215,000 addresses bought 3.81 million $LTC.
For a potential rebound to $75, this level must stand strong. A breach, however, might send #LTC on a slide to $50. pic.twitter.com/UMHP52n5kQ
— Ali (@ali_charts) August 27, 2023
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
