Per the latest developments hovering around Shiba Inu (SHIB), the canine-themed digital token seems poised for remarkable growth, following an observation from a market watcher.
A market analyst with the pseudonym Trader Kamikaze recently took to the X app to share an intriguing insight into the Shiba Inu (SHIB) market actions. According to the market observer, the SHIB tokens supply pool on exchanges dropped by 0.51% within a month interval.
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The above observation invariably implies that SHIB is witnessing a decline in selling pressure; when this happens, the general sentiment has always been that a price surge might be on the horizon.
In addition, it indicates that the current amount of Shiba Inu coins on exchanges has been reduced to 7.85% of the total SHIB supply.
#Crypto intelligence tracker @santimentfeed reveals a fascinating trend: $SHIB supply on exchanges has fallen by 0.51% since November 12, now at 7.85%! Less SHIB on exchanges generally means reduced selling pressure – setting the stage for potential gains.#Shibarium #ShibaArmy pic.twitter.com/zycIUOg8sV
— 山丨ㄥㄥ Trader_Kamikaze 🇧🇷 🤘 (@trader_kamikaze) December 12, 2023
Understanding The Price Chart
Compared to what was obtainable in early November, the price chart indicated a fair exchange flow balance.
However, it seems to lack backing, especially from SHIB supply on exchanges, which was revealed to be a percentage of the coin’s total supply pool.
Meanwhile, the metric indicated by the red line got trapped at the lowest level since June 12, 2023. The low level could be attributed to the fact that most funds appear diverted into personal wallets for hodling.
Meanwhile, SHIB outflows on exchanges played out in a similar period where the Shibatium seems to be doing impressively fine. Notably, the layer-2 scaling solution network is on the brink of hitting a 100M completed transactions milestone soon.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: If You Invested $20,000 in Shiba Inu (SHIB) in 2020, Here’s How Much You Would Have Today
What SHIB Exchange Outflow Mean For Price
SHIB token outflow on exchanges can only signify two main things: growing faith in Shiba Inu (SHIB) or potential sell-offs by big SHIB holders.
Having established the above, it becomes safe to say that should the prevailing trend linger, SHIB will also be on the right track to attaining significant prices.
At the time of press, SHIB is trading at $0.000010, reflecting a 7.2% increase in the past 24 hours.
Intriguingly, SHIB converted the $0.000009 price level into a support level. The token is now ranked the 18th largest cryptocurrency, with a market capitalization of $5,964,075,323 and a market cap dominance of 0.353%.
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