A
Shiba
Inu
(SHIB)

recovery
is
on
the
horizon,
as
recent
on-chain
data
shows
that
the

meme
coin’s
investors

may
have
cooled
off
on
offloading
their
tokens.
This
has
reflected
positively
on
Shiba
Inu’s
price,
which
is
up
in
the
last
24
hours. 

Shiba
Inu’s
Net
Flows
To
Exchanges
On
The
Decline

Data

from
the
on-chain
data
analytics
platform
CryptoQuant
shows
that
SHIB’s
net
flow
into
exchanges
has
declined.
This
undoubtedly
presents
a
relief
for
the

 

Shiba
Inu
ecosystem,
considering
that
the
meme
coin
had
faced
intense
selling
pressure
following
the
movement
of
a
significant
amount
of
SHIB
into
exchanges. 

Bitcoinist

reported

a
recent
decrease
in
the
number
of
Shiba
Inu
held
by

whales,
with
392.7
billion
tokens
being
moved
from
their
wallets.
This
suggested
that
they
had
moved
their
holdings
to
exchanges
to
offload
them.
However,
the
decline
in
the
net
flow
to
exchanges
now
presents
a
bullish
outlook
for
SHIB
as
the
meme
coin
since
this
suggests
that
the
selling
pressure
should
ease
and
that
Shiba
Inu
could
enjoy
a
bounce
from
its
current
price
levels. 

However,
SHIB’s
recovery
will
depend
largely
on
Bitcoin’s
price
action
in
the
coming
days.

Data

from
the

market
intelligence
platform
IntoTheBlock

shows
that
SHIB
has
a
significant
price
correlation
with
Bitcoin.
This
is
also
believed
to
be
why
Shiba
Inu
was
greatly
affected,
as
the
flagship
crypto
recently
dropped
below
$60,000. 

With
Bitcoin
back
over
$60,000,
SHIB
is
already
showing
signs
of
life
and
could
move
further
to
the
upside
as
the
flagship
crypto
recovers.

 

Shiba
Inu
whales

will
also
need
to
return
to
the
mix
and
accumulate
as
much
SHIB
as
they
can.
This
would
send
Shiba
Inu
into
price
discovery,
with
the
meme
coin
possibly
reclaiming
the
$0.00002
price
level
as
support
again. 

SHIB
Still
Headed
To
$0.00045000

Despite
this
recent
price
correction,
Shiba
Inu
is

still
predicted

to
reach
loft
heights
before
the
end
of
this
bull
run.

Crypto
analyst
Captain
Toblerone

recently
shared
an
update
of
his
chart
analysis
for
SHIB.
Based
on
the
chart
he
shared,
Shiba
Inu
is
still
poised
to
rise
to
as
high
as
$0.00045000,
and
this
move
is
expected
to
happen
towards
the
end
of
this
year
or
sometime
in
2025. 

A
common
theme
among
predictions
made
by
several
crypto
analysts
is
the
agreement
that
the
meme
coin
would
shed
another
zero
and
reach
$0.0001
or
above.
Some
crypto
analysts
like

Ali
Martinez

have
even

predicted

that
SHIB
could
make
another
historic
run
in
this
bull
run
and
rise
to
as
high
as
$0.011. 

At
the
time
of
writing,
Shiba
Inu
is
trading
at
around
$0.00001761,
up
almost
2%
in
the
last
24
hours,
according
to

 

data

from
CoinMarketCap. 

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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