Shiba Inu's Supply Dip: A Bullish Trend Emerges

• Current Market Trends Signal Potential Gains for Shiba Inu
• Supply Decrease Indicates Reduced Selling Pressure
• Investor Accumulation
• Shibarium's Impressive Metrics
• Major Burn and Increased Burn Rate

Current Market Trends Signal Potential Gains for Shiba Inu

Shiba Inu$0.000010 -2.05%, despite recent market oscillations, currently trades at $0.00001004. An intriguing trend has emerged that contradicts the general market downturn. Santiment, a cryptocurrency intelligence tracker, has identified an important shift-the volume of SHIB on exchanges has reduced by 0.51% since November 12, now at 7.85%. This contraction in SHIB's exchange supply insinuates a potential decrease in sell-off pressure. This sets the stage for potential future profit.

Supply Decrease Indicates Reduced Selling Pressure

In the domain of cryptocurrency, a reduction in exchange supply often denotes diminishing selling pressure on the asset. During this phase, there has been a remarkable increase in SHIB exchange flows, leading to a decrease in SHIB reserves on various cryptocurrency exchange platforms. This event establishes the foundation for potential gains for the meme coin.

Investor Accumulation

Reinforcing the positive outlook are on-chain indicators that reveal an accumulation of SHIB by both retail and large-wallet investors over the past month. As per Santiment data, SHIB holders in different cohorts, holding between 10,000 and 100 million SHIB tokens, have increased their holdings in the dog-themed cryptocurrency. Generally, this accumulation is interpreted as an encouraging sign. Alongside the reduction in SHIB's exchange supply, it alleviates selling pressure on the meme coin, thereby increasing the likelihood of further price appreciation.

Shibarium's Impressive Metrics

Upon deep analysis, it is observed that Shibarium currently records an impressive average of 7.83 million transactions per day, just three months post-launch. This is a significant rise from the period shortly after its mainnet launch, when it recorded slightly over 15,000 daily transactions. December has seen a considerable increase in the daily transaction count, averaging at 7.83 million transactions. As of the most recent update, Shibarium continues to record an impressive 7.83 million transactions daily.

Major Burn and Increased Burn Rate

Data from Shibburn, a platform devoted to tracking SHIB token burns, reveals a major burn of over 2.7 million SHIB in the past 24 hours. These tokens have been irreversibly removed from circulation. In alignment, the SHIB burn rate has risen by over 34% during the same duration.

Despite a recent market correction, Shiba Inu portrays a unique narrative with its shrinking supply on exchanges and positive on-chain metrics indicating increased investor accumulation. The significant rise in Shibarium transactions and a considerable token burn further contribute to the optimistic sentiment around SHIB. As the cryptocurrency landscape transforms, Shiba Inu's current trends suggest potential future gains, offering a glimmer of hope for its investors.

Edited by Jonathan Stoker