Bitrabo Editorial
Recent data indicates that a potential Shiba Inu (SHIB) recovery is on the way as investors seem to be holding onto their tokens instead of selling them. This positive shift in behavior has led to an increase in Shiba Inu’s price over the last 24 hours.
Decrease in Shiba Inu’s Net Flows to Exchanges
According to data from CryptoQuant, the amount of SHIB flowing into exchanges has decreased. This reduction is a welcome development for the Shiba Inu ecosystem, as the meme coin had been under pressure from significant token movements to exchanges.
Whales holding Shiba Inu tokens recently moved a substantial amount to exchanges, raising concerns about a potential sell-off. However, the decline in net flows to exchanges suggests a more positive outlook for SHIB, indicating a possible reduction in selling pressure and a chance for Shiba Inu to rebound from its current price levels.
However, Shiba Inu’s recovery could be influenced by Bitcoin’s price movement in the near future. Insights from IntoTheBlock indicate a significant price correlation between SHIB and Bitcoin, suggesting that Shiba Inu’s recent challenges were tied to Bitcoin’s drop below $60,000.
As Bitcoin surpasses $60,000 again, SHIB is already displaying signs of recovery and could see further gains as Bitcoin recovers. The involvement of Shiba Inu whales in accumulating more SHIB could drive the meme coin towards price discovery and potentially reclaim the $0.00002 support level.
SHIB’s Potential to Reach $0.00045000
Despite recent corrections, Shiba Inu is still projected to achieve significant milestones by the end of the current bull market cycle. Notable crypto analyst Captain Toblerone has predicted that SHIB could climb to $0.00045000, possibly by the end of this year or in 2025.
Several analysts agree that Shiba Inu might shed another zero and reach $0.0001 or higher, with some even forecasting a surge to $0.011 in this bull run. As of now, Shiba Inu is trading around $0.00001761, showing a nearly 2% increase in the last 24 hours, according to CoinMarketCap.