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.
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.
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.
SHIB price recovers above $0.000031 | Source: SHIBUSDT on Tradingview.com