Shiba Inu Records Decline In Exchange Supply Since November

Shiba Inu [SHIB] has experienced a decline in the number of tokens held on cryptocurrency exchanges since November, according to on-chain data from Glassnode. Around 8 trillion SHIB tokens, equivalent to $88 million, have been withdrawn from known crypto exchange wallets during this period. Currently, 160 billion SHIB tokens are held on crypto exchanges. This suggests that SHIB investors have been moving their tokens into personal wallets, possibly due to growing confidence in the long-term potential of the coin. The recent launch of the Shiba Inu Layer 2 platform Shibarium and the planned introduction of .shib domain names may have contributed to this increased confidence. Despite price volatility in the past month, SHIB’s value has seen double-digit growth, reaching $0.000010 at present. However, as SHIB accumulation has slowed down, price volatility has decreased. Volatility indicators, such as Average True Range (ATR), Chaikin Volatility, and Bollinger Bandwidth (BBW), have all shown a decline, indicating reduced market volatility for SHIB. This narrowing price range suggests that SHIB’s price has consolidated within a tighter range, fluctuating between $0.0000106 and $0.0000109. It’s important to note that the information provided in this article is for informational and educational purposes only and does not constitute financial advice.