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Shiba Inu

Shiba Inu Held On Exchanges Falls To 2-Year Low, What This Means

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Shiba Inu (SHIB) ecosystem is gaining traction, as different metrics suggest that investors are more bullish on the meme coin than ever. One of these metrics is the latest development, which shows that the number of SHIB tokens held on exchanges has drastically reduced. 

Shiba Inu On Exchanges Drops To 2-Year Low

Data from crypto analytics firm Glassnode shows that the amount of SHIB held on exchanges has dropped to its lowest level since March 2022. This underscores the bullish sentiment among SHIB investors, as the decline in the meme coin’s supply invariably means that these investors are choosing to hold for the long term rather than offloading their holdings anytime soon. 

Related Reading: Here’s Why The Dogecoin Price Surged Over The Weekend

Data from the on-chain analytics platform Santiment also shows the steady decline in the SHIB supply on exchanges, which currently stands at just over 75 trillion (7% of the token’s circulating supply). At the same time, the supply outside of exchanges has continued to climb, currently standing at over 925 trillion SHIB. 

Another metric that signals bullish sentiment for the meme coin is the daily exchange inflow recorded. Data from Santiment shows that this figure has also significantly reduced. For context, over 3 trillion SHIB was moved to exchange wallets on March 1, and on March 22, only about 376 million SHIB was transferred to exchanges. 

These figures suggest a drop in the short-term sell pressure as investors might be easing off on taking profits from the meme coin. This creates room for SHIB to enjoy another parabolic price surge since there is the likelihood that the short-term holders have already exited their positions. 

Shiba Inu To Make A Statement In This Bull Run

This bullish stance on SHIB isn’t surprising, as the meme coin is projected to be one of the crypto tokens that will stand out in this bull run. Shiba Inu’s lead developer, Shytoshi Kusama, also boldly claimed that SHIB is well-positioned as the leading meme coin in this market cycle. 

Related Reading: Dogecoin Price Action: Why A 10% Drop Would Cost Traders $66 Million

Investors’ faith in SHIB is further strengthened by the fact that meme coins look to be one of the leading narratives of this cycle. As such, some of the spotlight will shine on SHIB as the second-largest meme coin by market cap, which could positively reflect its price. 

Crypto analysts have also weighed in on SHIB’s future trajectory and predicted that the crypto token will likely surpass its all-time high (ATH) of $0.00008845 in this bull market. Although ambitious, crypto analyst Ali Martinez predicted that SHIB could rise to as high as $0.011 at some point. 

Shiba Inu price chart from Tradingview.com

SHIB price recovers above $0.000031 | Source: SHIBUSDT on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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