- Data by Onchain Analyst Santiment shows a 0.51% decrease in Shiba Inu supply on exchanges since Nov 12.
- The decline, involving billions of SHIB, suggests reduced selling pressure and a shift to self-custody.
- Approximately 7.85% of SHIB’s supply is now held on exchanges, setting the stage for gains.
Recent data from on-chain analytics firm Santiment revealed a 0.51% decrease in Shiba Inu supply on exchanges since November 12. With a total supply of 589.59 trillion SHIB and a circulating supply of 589.35 trillion SHIB, the decline represents a substantial volume in the billions of SHIB.
#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
Currently, approximately 7.85% of Shiba Inu’s supply is held on exchanges. The implications are intriguing; a reduction in SHIB on exchanges could signify a decrease in selling pressure, laying the groundwork for possible gains. This shift may be attributed to a growing trend among traders and investors who opt to self-custody their Shiba Inu thinking they can benefit from future rewards.
With a diminishing supply on the market, even a modest uptick in demand could swiftly propel prices upwards. At the time of writing, SHIB experienced a 1.74% dip in the last 24 hours, settling at $0.000009455.
As the crypto community eagerly watches Shiba Inu’s market dynamics, the anticipation grows with the looming prospect of a substantial supply reduction. The Shiba Inu team has announced three manual burns scheduled for Dec. 14, 15, and 16. These burns are expected to surpass the previous 8.2 billion token burn, as detailed in the latest issue of SHIB Magazine, published just yesterday.
In parallel, Shibarium, an offshoot of the Shiba Inu ecosystem, is witnessing an explosive transaction surge. The total transactions on Shibarium have skyrocketed to an impressive 97,919,035, boasting a daily average of 7.5 million transactions, just three months after its launch.
In the Shiba Inu ecosystem, the BONE token has experienced significant price movements. In the last 24 hours, BONE has surged by 20% and is currently trading at 0.001801. During this time, BONE has maintained crucial support levels. The price movements of SHIB and BONE have a notable correlation with the surge in Shibarium transactions. This correlation has sparked speculation within the community.
Shiba Inu’s intricate supply dynamics and the impending token burns add an air of excitement, leaving enthusiasts and investors intrigued about the potential for a bullish surge shortly.
