Trader Notes: ‘Dogecoin millionaire’ Glauber Contessotowarns that the crypto market has become oversaturated with new meme coin launches, making it chaotic and difficult to navigate.
He believes early strategies of holding DOGE and SHIB were simpler, but now the market is flooded with tokens, often leading to dilution.
Technical Analysis: Benzinga technical analysis shows Shiba Inu’s RSI at 36.4, reflecting oversold conditions that could potentially lead to a price rebound.
The simple moving average chart shows the 100-day SMA trending higher than both the 50-day and 200-day SMAs, pointing to a medium-term bullish trend despite short-term price swings.
It also shows potential stability and continued growth in the asset’s value compared to shorter-term fluctuations.
Statistics: According to Arkham Intelligence data, an unknown whale recently withdrew 85.5 billion SHIB ($1.41 million), potentially influencing price movements.
Shibburn data shows 14.22 million SHIB was burned in the last 24 hours, pushing burn rates higher by 1,841.5%.
A single transaction involved the burning of 13 million SHIB.
IntoTheBlock data shows Shiba Inu’s large transaction volume spiking 92.5% and daily active addresses growing 1.61% in a single day.
Transactions greater than $100,000 increased from 77 to 94.
Shibariumscan data reports a increase in daily transactions from 4.63 million to 4.78 million.
