The Shiba Inu (SHIB) ecosystem is witnessing increased momentum, with various indicators indicating heightened investor optimism towards the meme coin. A notable development in this regard is the significant decrease in the number of SHIB tokens held on exchanges.
The amount of Shiba Inu (SHIB) available on exchanges has reached its lowest point in two years.
According to data from Glassnode, the quantity of Shiba Inu (SHIB) tokens held on exchanges has plummeted to its lowest level since March 2022. This decline reflects the optimistic outlook among SHIB investors, as the reduction in the meme coin’s availability implies that investors are opting to hold onto their assets for an extended period rather than selling them in the near future.
Additionally, data from the on-chain analytics platform Santiment confirms the consistent decrease in SHIB’s supply on exchanges, which currently accounts for just over 7% of the token’s circulating supply, totaling approximately 75 trillion tokens. Meanwhile, the supply of SHIB outside of exchanges continues to rise, reaching over 925 trillion tokens.
Furthermore, another encouraging sign for SHIB is the notable decrease in daily exchange inflow. Santiment’s data indicates that the amount of SHIB transferred to exchange wallets has significantly diminished. For instance, while over 3 trillion SHIB was moved to exchange wallets on March 1, only around 376 million SHIB was transferred on March 22.
These statistics suggest a decline in short-term selling pressure, indicating that investors may be scaling back on profit-taking activities with the meme coin. This situation potentially paves the way for SHIB to experience another substantial price surge, as it’s likely that short-term holders have already exited their positions.
Shiba Inu Poised to Make a Mark in the Current Bull Market
Investor optimism surrounding SHIB is well-founded, as the meme coin is anticipated to emerge as a standout performer in the current bullish market conditions. Shiba Inu’s lead developer, Shytoshi Kusama, has expressed strong confidence in SHIB’s potential, positioning it as the premier meme coin of this market cycle.
The growing belief in SHIB’s prospects is bolstered by the prevailing narrative surrounding meme coins in this cycle. With meme coins gaining significant traction, SHIB, as the second-largest meme coin by market capitalization, is poised to attract attention and potentially see positive price movements.
Moreover, insights from crypto analysts further support the optimistic outlook for SHIB. Projections suggest that SHIB has the potential to surpass its previous all-time high (ATH) of $0.00008845 during this bullish phase. While such forecasts may seem ambitious, analysts like Ali Martinez have even suggested a potential ascent to levels as high as $0.011 at some juncture, underscoring the considerable upside potential attributed to SHIB in the current market environment.
SHIB price recovers above $0.000031
