Shiba Inu’s Supply on Exchanges Drops to Two-Year Low as $SHIB Price Surges

Shiba Inu’s popularity is soaring as its value surges by over 15% in just one week. This comes at a time when analysts are increasingly optimistic about the future of the meme-inspired cryptocurrency. In an interesting development, data from CryptoQuant reveals that the supply of Shiba Inu tokens on centralized exchanges is at its lowest level since February 2022, currently standing at around 150 trillion tokens. This decrease in available tokens for trading could potentially lead to scarcity and drive future price increases, assuming demand remains steady or rises. Additionally, there has been a notable negative netflow of Shiba Inu tokens on exchanges, with a significant movement towards self-custody wallets. This suggests a decrease in immediate selling pressure, which is generally seen as a bullish signal. Furthermore, developments within the Shiba Inu ecosystem, such as increasing SHIB burning rates, are also contributing to a potential price rise by reducing the circulating supply of tokens. The strong social activity and rising market volume of SHIB indicate a positive sentiment among its community. Technical analysis suggests that SHIB’s chart shows a symmetrical triangle pattern, which is often interpreted by traders as a bullish signal. This pattern typically indicates that the price will continue in the same direction as before the triangle formed, further supporting the possibility of an upward price break. Notably, Shiba Inu’s layer-2 scaling solution, Shibarium, has recently achieved new milestones, surpassing 400 million transactions. With growing adoption of SHIB, Shibarium’s transaction volume continues to expand. As Shiba Inu’s value rises, it remains an intriguing cryptocurrency to watch in the ever-evolving digital landscape.