Shiba

Shiba Inu

<p><a href="https://bitcoinist.com/shiba-inus-shibarium-hits-new-record-amid-chaotic-market-movements/" rel="noopener noreferrer nofollow">The Shiba Inu (SHIB) ecosystem</a> 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 <a href="https://bitcoinist.com/shiba-inu-outperform-dogecoin/" rel="noopener noreferrer nofollow">number of SHIB tokens</a> held on exchanges has drastically reduced.&nbsp;</p>
<h2 id="shiba-inu-on-exchanges-drops-to-2-year-low">Shiba Inu On Exchanges Drops To 2-Year Low</h2>
<p><a href="https://studio.glassnode.com/metrics?a=SHIB&amp;category=Entities&amp;m=distribution.BalanceExchanges&amp;s=1553676596&amp;u=1711356596&amp;zoom=1825" rel="noopener noreferrer nofollow" target="_blank">Data</a> from <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="noopener noreferrer nofollow">crypto analytics firm Glassnode</a> 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.&nbsp;</p>
<p><a href="https://app.santiment.net/charts/iXhlYy3R__sCl" rel="noopener noreferrer nofollow" target="_blank">Data</a> from the <a href="https://bitcoinist.com/why-these-2-altcoins-could-witness-price-bumps/" rel="noopener noreferrer nofollow">on-chain analytics platform Santiment</a> 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.&nbsp;</p>
<p>Another metric that signals bullish sentiment for the meme coin is the daily exchange inflow recorded. <a href="https://app.santiment.net/charts/iXhlYy3R__sCl" rel="noopener noreferrer nofollow" target="_blank">Data</a> from Santiment shows that this figure has also significantly reduced. For context, over 3 trillion SHIB was <a href="https://bitcoinist.com/shiba-inu-transactions-spree/" rel="noopener noreferrer nofollow">moved to exchange wallets</a> on March 1, and on March 22, only about 376 million SHIB was transferred to exchanges.&nbsp;</p>
<p>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 <a href="https://bitcoinist.com/dogecoin-whale-dumps-substantial-holdings-on-the-market-heres-how-much/" rel="noopener noreferrer nofollow">short-term holders</a> have already exited their positions.&nbsp;</p>
<h2 id="shiba-inu-to-make-a-statement-in-this-bull-run">Shiba Inu To Make A Statement In This Bull Run</h2>
<p>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 <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="noopener noreferrer nofollow">bull run</a>. <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-lead-dev-prediction/" rel="noopener noreferrer nofollow" target="_blank">Shiba Inu’s lead developer, Shytoshi Kusama</a>, also <a href="https://bitcoinist.com/shiba-inu-lead-dev-shib-bull/" rel="noopener noreferrer nofollow">boldly claimed</a> that SHIB is well-positioned as the leading <a href="https://bitcoinist.com/solana-based-wif-meme-coins/" rel="noopener noreferrer nofollow">meme coin</a> in this market cycle.&nbsp;</p>
<p>Investors’ faith in SHIB is <a href="https://www.newsbtc.com/altcoin/dogecoin-shiba-inu-pepe-explode/" rel="noopener noreferrer nofollow" target="_blank">further strengthened</a> 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.&nbsp;</p>
<p>Crypto analysts have also weighed in on SHIB’s future trajectory and <a href="https://bitcoinist.com/shiba-inu-surge-crypto-shib/#:~:text=Shiba%20Inu%20To%20See%20A%20300%25%20Gain%20Before%20Year%2Dend&amp;text=Looking%20at%20SHIB's%20chart%2C%20the,invest%20in%20the%20crypto%20token." rel="noopener noreferrer nofollow">predicted</a> that the crypto token will likely surpass its all-time high (ATH) of $0.00008845 in this bull market. Although ambitious, <a href="https://bitcoinist.com/crypto-analyst-predicts-1300-for-cardano/" rel="noopener noreferrer nofollow">crypto analyst Ali Martinez</a> <a href="https://bitcoinist.com/122000-surge-shiba-inu-price/" rel="noopener noreferrer nofollow">predicted</a> that SHIB could rise to as high as $0.011 at some point.&nbsp;</p>
<p><img loading="lazy" src="https://www.tradingview.com/x/IfR7wlHy/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1530"></p>

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

Table of Contents

Bitcoinist

Other articles published on Mar 26, 2024

Join our free newsletter for daily crypto updates!