The Shiba Inu (SHIB) ecosystem is experiencing increasing popularity, with various indicators indicating heightened investor optimism towards the meme coin. A notable recent development is the significant reduction in SHIB tokens held on exchanges.
However, Glassnode found that the amount of SHIB on exchanges is now at its lowest since Mar 2022. The meme coin supply is dropping. Investors are holding long-term, not selling soon. This shows positive sentiment among SHIB investors.
Information from the on-chain analytics platform Santiment indicates a consistent decrease in the SHIB supply on exchanges, presently amounting to slightly above 75 trillion tokens, constituting 7% of the circulating supply. Simultaneously, the supply of exchanges has witnessed a steady increase, reaching over 925 trillion SHIB.
A further indication of optimistic sentiment towards the meme coin is evident in the daily exchange inflow data. According to Santiment, there has been a notable decrease in this metric. To illustrate, while over 3 trillion SHIB were transferred to exchange wallets on Mar 1, the figure dropped significantly to approximately 376 million SHIB by Mar 22.
Shiba Inu Sees Mar 22 In Sell Pressure
Based on these numbers, short-term sell pressure may decrease. Investors are taking a break from profiting from the meme currency, and short-term investors are likely gone. This could lead SHIB to see another big price increase.
This optimistic outlook on SHIB is unsurprising, given its projected prominence among cryptocurrency tokens during this bullish market phase. Shytoshi Kusama, the lead developer of Shiba Inu, confidently asserts that SHIB is strategically positioned to emerge as the premier meme coin in this current market cycle.
SHIB enjoys enhanced investor confidence due to the rising prominence of meme coins in the current market cycle. Being the second-largest meme coin by market capitalization, SHIB is poised to attract attention, potentially bolstering its price.
Cryptocurrency analysts have also chimed in on the future path of SHIB, forecasting that the digital token is poised to exceed its previous all-time high (ATH) of $0.00008845 during this bullish market cycle. Expressing optimism, analyst Ali Martinez has even suggested a potential surge to as much as $0.011 at a certain juncture.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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