Shiba Inu Exchange Holdings Hit Two-Year Low, Suggesting Bullish Turn

Shiba Inu's holdings on exchanges hit a two-year low, suggesting a bullish trend for the meme coin. With dwindling SHIB tokens on exchanges, investors seem to be holding onto their assets, potentially hinting at a big move ahead. Glassnode data shows the lowest SHIB exchange holdings since March 2022, while Santiment reports a surge in SHIB outside exchanges. Could this signal a turning point for the Shiba Inu ecosystem?

Shiba Inu on Exchanges: A Two-Year Low

Has the Shiba Inu (SHIB) ecosystem finally turned a corner? Several metrics suggest investors are taking a more bullish stance on the meme coin. One key indicator is the dwindling number of SHIB tokens held on exchanges.

Is Shiba Inu Plotting a Big Move?

According to crypto analytics firm Glassnode, the amount of SHIB on exchanges has hit its lowest point since March 2022. This suggests investors are holding onto their coins rather than selling them off. Santiment supports this finding, reporting that the supply of SHIB outside exchanges has climbed to over 925 trillion.

Exchange Inflows: A Drying Up

Another sign of bullish sentiment: daily exchange inflows have plummeted. Santiment data shows that only about 376 million SHIB were transferred to exchanges on March 22, down from over 3 trillion on March 1.

Will Shiba Inu Outshine Its Peers?

This bullish posture isn't a surprise. Shiba Inu is poised to stand out in the current bull run, according to its lead developer, Shytoshi Kusama. Investors are betting on meme coins like SHIB, which could boost its price.

Shiba Inu's Lofty Predictions

Analysts are sharing their optimistic views. Ali Martinez believes SHIB could reach an impressive $0.011, while others predict it will surpass its all-time high of $0.00008845.

The Takeaway

Shiba Inu is riding a wave of bullish sentiment. Investors are holding onto their coins, exchange inflows are dwindling, and analysts are predicting a bright future for the meme coin. While ambitious, these predictions suggest SHIB could make a significant statement in this bull run.