A Shiba Inu (SHIB) recovery is on the horizon, as recent on-chain data shows that the same-corner investors may have cooled down while unloading their chips. This had a positive impact on the Shiba Inu price, which increased over the last 24 hours.
Shiba Inu net flows to stock exchanges down
Data from on-chain data analytics platform CryptoQuant shows that the net flow of SHIB to exchanges has decreased. This undoubtedly represents a relief for the Shiba Inu ecosystemgiven that the meme coin had faced intense selling pressure following the movement of a significant amount of SHIB in exchanges.
Bitcoinist reported a recent decrease in the number of Shiba Inu kept by whales, with 392.7 billion tokens withdrawn from their wallets. This suggests that they had moved their holdings to exchanges to unload them. However, the decline in net flow to exchanges now presents a bullish outlook for SHIB as a meme coin, as it suggests that selling pressure is likely to ease and Shiba Inu could enjoy a rebound from its levels current prices.
However, SHIB’s recovery will largely depend on how Bitcoin prices move in the coming days. Data of market intelligence platform IntoTheBlock shows that SHIB has a significant price correlation with Bitcoin. This is also believed to be the reason why Shiba Inu has been greatly affected, as the flagship crypto recently fell below $60,000.
With Bitcoin back above $60,000, SHIB is already showing signs of life and could continue to rise as the flagship crypto recovers. Shiba Inu Whales will also need to get back into the mix and accumulate as many SHIBs as possible. This would send Shiba Inu into price discovery, with the meme coin possibly reclaiming the $0.00002 price level as support again.
SHIB still heading towards $0.00045000
Despite this recent price correction, Shiba Inu is always predicted to reach new heights before this bull run ends. Captain Toblerone, crypto analyst recently shared an update to its chart analysis for SHIB. According to the chart he shared, Shiba Inu is still on track to hit $0.00045,000, and this move is expected to happen towards the end of this year or in 2025.
A common theme among the predictions made by several crypto analysts is the agreement that the meme coin would lose another zero and reach $0.0001 or higher. Some crypto analysts like Ali Martinez have even predicted that SHIB could make another historic run in this bull run and reach $0.011.
At the time of writing, the 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
